Agreement of Waiver of Lien of Lessor
What is this form?
The Agreement of Waiver of Lien of Lessor is a legal document that allows a landlord (the Lessor) to waive any lien rights they have against a tenant's (the Lessee's) personal property at leased premises. This waiver is particularly important in financing situations where the Lessee seeks to secure a loan using their business assets, thus enabling them to access funds without fear of losing their property due to unpaid rent. This form differs from other leasing agreements as it specifically addresses lien rights rather than rental terms or tenancy.
Key parts of this document
- Waiver of lien: Lessor waives any claim to personal property and fixtures owned by Lessee.
- Identification of parties: The form identifies both the Lessor and Lessee, including their respective addresses and legal status.
- Purpose of waiver: The purpose is stated to induce a mortgage lender (Mortgagee) to provide financing to the Lessee.
- Loan details: Specifies the loan amount and includes an attachment (Exhibit C) detailing terms of the loan agreement.
- Governing law and arbitration clause: The agreement specifies the governing law and outlines the process for resolving disputes through binding arbitration.
When to use this form
This form is useful when a tenant needs to secure financing for business operations but wants to prevent their landlord from claiming a lien on their property for unpaid rent. Situations such as expanding a business, purchasing new equipment, or dealing with cash flow issues often require the tenant to use this waiver to reassure the lender that their assets are protected from the landlord's claims.
Who should use this form
- Lessor: Corporate landlords or property owners who lease out their property.
- Lessee: Business tenants who require financing and own personal property on leased premises.
- Mortgagees: Lenders who need assurance that their loan will be secured against the Lessee's property.
How to prepare this document
- Identify the parties: Enter the names and addresses of both the Lessor and Lessee at the beginning of the document.
- Specify the lease details: Fill in the lease date, commencement date, and termination date as outlined in the Lease Agreement.
- Waiver specifics: Clearly list the personal property and fixtures being waived in Exhibit B.
- Enter loan details: Specify the amount of the loan and its intended purpose in the designated sections.
- Signatures: Ensure that both parties sign and date the document, including printed names and titles for identification.
Notarization requirements for this form
This form does not typically require notarization unless specified by local law. However, it is always advisable to check local regulations to ensure compliance.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to accurately identify the parties involved.
- Not specifying the property and fixtures in Exhibit B.
- Omitting signatures or titles from the signatories.
- Neglecting to attach supporting documents like the loan agreement.
Benefits of completing this form online
- Convenience: Downloadable forms can be accessed anytime, simplifying the process of securing important documents.
- Editability: Users can fill out the form digitally, allowing for easy corrections and adjustments.
- Reliability: Legal forms provided by licensed attorneys ensure they meet legal standards and requirements.
