Landlord Undertaking with Tenant Lender

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Agreement between a landlord and a tenant's lender by which the landlord agrees to notify the lender of tenant's default.

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This Landlord's Undertaking with Tenant's Lender is an agreement between the lender and the landlord regarding default by a tenant and lender's security interests located on landlord's property. The lender will often require that a tenant's landlord sign this agreement before lending any money. A written Landlord's Undertaking with Tenant's Lender will prove valuable in the event of future disagreements or misunderstandings.

This Landlord's Undertaking with Tenant's Lender for your state includes the following:
  • Tenant Information: The name of the tenant, the date the lease was signed and the address of the premises;
  • Loan Information: Information regarding the loan the tenant has applied for;
  • Landlord Covenants: Landlord agrees to certain covenants with the lender including a default under the lease clause;
  • Signature: The landlord must sign the undertaking.

Protect your Rights and your Property by using our attorney-prepared forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Landlord's Undertaking with Tenant's Lender
State Law Compliance: This form complies with the laws of your state.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Landlords Undertaking

 

 

THIS AGREEMENT dated [Date (ie. July 31, 2002)]
B E T W E E N:
[NAME OF LANDLORD]
(the “Landlord”)
- and -
[NAME OF LENDER]
(the “Lender”)
WHEREAS:
(A)   By a lease dated [Date of Lease] (the "Lease"), the Landlord leased to [Name of Tenant] (the Tenant”) the premises located at [Municipal Address of Leased Premises] (the "Leased Premises");
(B)   The Tenant has applied to the Lender for a loan of $[Amount of Loan from Lender to Tenant] (the "Loan") to be secured by a General Security Agreement to form a security interest on all personal property including all chattels and fixtures of the Tenant; and
(C)   A condition of the Lender making the Loan is the execution of this Agreement by the Landlord;
NOW THEREFORE, in consideration of the granting of the loan by the Lender to the Tenant, the Landlord represents, covenants and agrees with the Lender as follows:
1.   The Landlord represents and warrants that (i) the Lease is presently in good standing, (ii) all payments under the Lease have been made to date, and (iii) the Lease is in full force and effect.
2.   The Landlord covenants and agrees that other than the Landlords rights under a distraint, the Lenders security interest in any machinery, equipment, furniture and fixtures/leasehold improvements of the Tenant are paramount to that of the Landlord.
3.   The Landlord undertakes and agrees not to accept a surrender of the Lease or otherwise agree to its termination without obtaining the Lenders prior written consent.
4.   In the event of a default under the Lease, the Landlord will within fifteen (15) days of such default and before taking steps to enforce its remedies, notify the Lender in writing of the default and permit the Lender a period of fifteen (15) days following receipt of such notice to remedy the default if the Lender so chooses. However, the Lender will be under no obligation to remedy such default.
5.   This Agreement shall be binding upon the Landlord and its successors and assigns and shall enure to the benefit of the Lender and its successors and permitted assigns.
IN WITNESS WHEREOF the Landlord has executed this Agreement on the day and year first above written.
 
 
[NAME OF LANDLORD]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28585
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Landlords Undertaking

 

 

THIS AGREEMENT dated [Date (ie. July 31, 2002)]
B E T W E E N:
[NAME OF LANDLORD]
(the “Landlord”)
- and -
[NAME OF LENDER]
(the “Lender”)
WHEREAS:
(A)   By a lease dated [Date of Lease] (the "Lease"), the Landlord leased to [Name of Tenant] (the Tenant”) the premises located at [Municipal Address of Leased Premises] (the "Leased Premises");
(B)   The Tenant has applied to the Lender for a loan of $[Amount of Loan from Lender to Tenant] (the "Loan") to be secured by a General Security Agreement to form a security interest on all personal property including all chattels and fixtures of the Tenant; and
(C)   A condition of the Lender making the Loan is the execution of this Agreement by the Landlord;
NOW THEREFORE, in consideration of the granting of the loan by the Lender to the Tenant, the Landlord represents, covenants and agrees with the Lender as follows:
1.   The Landlord represents and warrants that (i) the Lease is presently in good standing, (ii) all payments under the Lease have been made to date, and (iii) the Lease is in full force and effect.
2.   The Landlord covenants and agrees that other than the Landlords rights under a distraint, the Lenders security interest in any machinery, equipment, furniture and fixtures/leasehold improvements of the Tenant are paramount to that of the Landlord.
3.   The Landlord undertakes and agrees not to accept a surrender of the Lease or otherwise agree to its termination without obtaining the Lenders prior written consent.
4.   In the event of a default under the Lease, the Landlord will within fifteen (15) days of such default and before taking steps to enforce its remedies, notify the Lender in writing of the default and permit the Lender a period of fifteen (15) days following receipt of such notice to remedy the default if the Lender so chooses. However, the Lender will be under no obligation to remedy such default.
5.   This Agreement shall be binding upon the Landlord and its successors and assigns and shall enure to the benefit of the Lender and its successors and permitted assigns.
IN WITNESS WHEREOF the Landlord has executed this Agreement on the day and year first above written.
 
 
[NAME OF LANDLORD]
 
 
 
 
Per:
 
 
 
 
Name:   
Title:   
 

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