A Lease Subordination Agreement is essential in Indian real estate financing transactions where a property is both leased and mortgaged. This document becomes particularly important when property owners seek financing while having existing tenants or plan to lease their mortgaged property. The agreement ensures that the lender's security interest takes precedence over the tenant's leasehold rights, while often providing protections for the tenant through non-disturbance provisions. Used extensively in commercial real estate, the agreement must comply with Indian registration requirements and stamp duty laws, varying by state. The document typically includes details of the property, existing lease arrangements, and the mortgage terms, ensuring clarity in the rights and obligations of all parties involved.
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1. Parties: Identifies all parties to the agreement including the landlord, tenant, and lender
2. Background: Recitals explaining the existing lease arrangement, the loan/mortgage, and the purpose of subordination
3. Definitions: Defines key terms including Property, Lease, Mortgage, Senior Interest, etc.
4. Subordination: Core provision establishing that the lease and all rights thereunder are subordinate to the mortgage
5. Non-Disturbance: Lender's agreement not to disturb tenant's possession if tenant is not in default
6. Attornment: Tenant's agreement to recognize lender as landlord in case of foreclosure
7. Representations and Warranties: Standard representations about authority, binding effect, and no conflicts
8. Notice Requirements: Procedures for giving notices under the agreement
9. Governing Law: Specifies Indian law as governing law and jurisdiction
10. Execution: Signature blocks and execution formalities
1. Multiple Tenant Provisions: Required when the property has multiple tenants and their relative priorities need to be established
2. Property Management: Needed when there's a separate property manager who needs specific rights or obligations
3. Insurance Requirements: Additional insurance provisions required by lender
4. Further Assurances: Commitment to execute additional documents if needed for registration or enforcement
5. Costs and Expenses: Allocation of stamp duty, registration fees, and other costs
6. Assignment and Transfer: Required when parties need specific rights to assign their interests
7. Dispute Resolution: Optional arbitration or mediation provisions if preferred over court jurisdiction
1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries and registration details
2. Schedule 2 - Lease Details: Key terms of the existing lease including date, term, rent, and any modifications
3. Schedule 3 - Mortgage Details: Key terms of the mortgage including date, amount, and security details
4. Appendix A - Copy of Lease: Attached copy of the executed lease agreement
5. Appendix B - Copy of Mortgage: Attached copy of the executed mortgage deed
6. Appendix C - Property Plans: If relevant, plans showing the leased premises within the larger property
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