Landlord Lien Waiver and Collateral Access Agreement
(Pro-Lender)

Summary

This landlord lien waiver and collateral access agreement template may be used by and between a landlord of leased space in a commercial building, the tenant occupying the leased space, and a secured lender to the tenant which holds tenant's personal property located in the leased space as collateral. The purpose of this template is for the landlord to waive its lien rights to the lender's collateral and to provide the lender with an orderly process to take possession of its collateral and dispose of it. This template includes practical guidance, drafting notes, alternate provisions, and optional provisions that are favorable to the landlord. This template is non-jurisdictional, so a review by local counsel for the jurisdiction where the property is located is recommended. This template is favorable to the tenant's lender. A landlord lien is frequently created by statute in the state where the leased property is located, although it can also be created by common law or by contract, typically as a landlord's lien clause in the lease. For an overview of the statutory landlord's lien rights in all 50 states and the District of Columbia, see Statutory Landlord's Lien State Law Survey (Long Form). For a full listing of key content covering mechanic's liens, see Mechanic's Lien Resource Kit. For a full listing of key content covering real estate transactions for in-house attorneys, see Retail Leasing Resource Kit. For a full listing of key content covering commercial real estate, see First Year Associate Resource Kit: Real Estate. For a full listing of key content covering retail leasing, see Retail Leasing Resource Kit. For a full listing of key content covering commercial leasing, see Junior Associate Real Estate Resource Kit (Commercial Leasing). For a full listing of content relating to due diligence for commercial real estate financing, see Commercial Real Estate Financing Due Diligence Resource Kit. For more information about statutory landlord's liens, see Statutory Landlord's Lien State Law Survey (Short Form). For more information about landlord's liens created by common law or contractual agreement, see 5-40 Thompson on Real Property, Thomas Editions § 40.04. For an example of a Collateral Access Rights Clause, with annotations, where the tenant has more than one lender with a security interest in tenant assets located on the leased property, see Collateral Access Rights Clause (Split Collateral Intercreditor Agreement).