The Landlord Waiver is a critical document in Hong Kong commercial financing transactions where a tenant seeks to obtain secured financing using assets located on leased premises as collateral. Under Hong Kong law, landlords typically have certain rights over tenants' property, including statutory liens and the right to seize assets for unpaid rent (distress). This document is used when a tenant's lender requires assurance that their security interest in the financed assets will take priority over the landlord's rights. The Landlord Waiver addresses these concerns by having the landlord formally agree to subordinate their rights and grant the lender access to the premises to inspect or remove collateral if necessary. It's particularly important in sectors where businesses rely on equipment financing or inventory-based lending, and it helps facilitate commercial financing while protecting the interests of all parties involved.
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1. Parties: Identification of the landlord, tenant, and lender (and any guarantors if applicable)
2. Background: Context of the lease arrangement, tenant's financing, and purpose of the waiver
3. Definitions: Key terms including Property, Lease, Security Interest, Collateral, and Secured Obligations
4. Acknowledgment of Security Interest: Landlord's acknowledgment of the lender's security interest in tenant's property
5. Waiver of Landlord's Rights: Specific rights being waived by the landlord, including liens, claims, and priority rights
6. Access Rights: Lender's rights to access the premises to inspect or remove collateral
7. Notice Requirements: Requirements for notices between parties, particularly regarding default or enforcement
8. Term and Termination: Duration of the waiver and circumstances for termination
9. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
1. Insurance and Loss Payee Provisions: Include when the lender requires specific insurance arrangements for the collateral
2. Subordination Provisions: Include when there's specific ranking of security interests that needs to be established
3. Assignment and Transfer: Include when parties anticipate potential transfers of rights under the waiver
4. Remedies and Enforcement: Include when specific enforcement procedures need to be outlined
5. Representations and Warranties: Include when additional confirmations from the landlord are required regarding title, authority, or other matters
1. Schedule 1 - Property Description: Detailed description of the leased premises
2. Schedule 2 - Lease Details: Key details of the lease agreement including date, parties, and term
3. Schedule 3 - Collateral Description: Description of the tenant's property subject to the lender's security interest
4. Appendix A - Form of Notice: Standard form for notices required under the waiver
5. Appendix B - Access Procedures: Detailed procedures for lender's access to the premises
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