Landlord Lien Waiver Template for Malaysia

In the Malaysian commercial property landscape, a Landlord Lien Waiver is essential when tenants seek to obtain financing secured by their equipment, inventory, or other personal property located at leased premises. This document becomes necessary because Malaysian law, particularly under the Distress Act 1951, grants landlords significant rights to seize tenant property for unpaid rent. The waiver protects the interests of financial institutions and other secured creditors by ensuring their security interests take priority over the landlord's rights. Typically used in commercial, industrial, and retail leasing arrangements, this document includes specific provisions about the scope of the waiver, access rights for secured parties, and notice requirements. It must comply with Malaysian property and contract law requirements while effectively balancing the interests of all parties involved.

1. Parties: Identification of the Landlord (who is waiving rights), the Tenant, and any relevant Third-party Beneficiaries (such as the tenant's lender or equipment lessor)

2. Background: Context of the waiver, including reference to the main lease agreement and any financing arrangements necessitating the waiver

3. Definitions: Key terms including Property, Collateral, Lease Agreement, Secured Party, and Lien Rights

4. Waiver of Liens: Explicit waiver of the landlord's rights to distrain or seize tenant's property, specifically describing what rights are being waived

5. Scope of Waiver: Clear delineation of what property is covered by the waiver and any limitations

6. Access Rights: Provisions allowing secured parties to access the premises to inspect or remove their collateral

7. Notice Requirements: Procedures for providing notice in various circumstances, including default scenarios

8. Term and Termination: Duration of the waiver and any circumstances that would terminate it

9. Governing Law: Specification that Malaysian law governs the agreement