Landlord's Waiver Template
This Landlord’s Waiver (“Waiver”) is entered into as of [Effective Date], by and among:
Landlord: [Landlord Full Legal Name], of [Address]
Tenant: [Tenant Full Legal Name], of [Address]
Secured Party / Lessor / Finance Party: [Full Legal Name], of [Address]
Together, the parties are referred to as the “Parties.”
1. Lease and Premises
Landlord is the landlord under the following lease:
Lease Date: [Lease Date]
Tenant: [Tenant Name]
Landlord: [Landlord Name]
Premises: [Property Address / Suite / Description]
Lease Term: [Start Date] to [End Date]
This Waiver relates only to the leased premises identified above and any related amendment, renewal, extension, or replacement of the lease to the extent stated in this document.
2. Covered Collateral or Property
The property covered by this Waiver is described as follows:
[Describe equipment, inventory, fixtures not owned by landlord, leased equipment, financed assets, serial numbers, categories of collateral, or other property]
This property is referred to in this Waiver as the “Collateral.”
Landlord acknowledges that the Secured Party claims:
☐ Ownership of the Collateral
☐ A security interest in the Collateral
☐ A lease interest in the Collateral
☐ Another priority interest as follows: [Describe]
3. Purpose of Waiver
The purpose of this Waiver is to confirm that, subject to the terms stated here, Landlord will not assert certain rights against the Collateral and will permit the Secured Party to protect, access, and remove the Collateral as allowed by this Waiver.
4. Waiver of Landlord Claims
To the extent permitted by law, Landlord waives and releases any landlord lien, distress, distraint, levy, seizure, retention right, possessory claim, or similar right that Landlord may now have or later claim against the Collateral because of:
rent due under the lease;
Tenant’s default under the lease;
storage at the premises;
improvements or services related to the premises; or
any other claim arising from the landlord-tenant relationship.
This waiver applies only to the Collateral described in this Waiver and does not waive Landlord’s rights against Tenant personally or against property not covered by this Waiver.
5. No Claim to Proceeds or Ownership
Landlord agrees that Landlord has no ownership interest in the Collateral except as expressly stated here:
[Describe or write “None”]
Landlord further agrees not to claim any sale proceeds, insurance proceeds, or disposition proceeds relating to the Collateral except to the extent Landlord independently holds a valid written right that is expressly identified here:
[Describe or write “None”]
6. Access to Premises
Upon Tenant’s default under the financing, lease, or security arrangement with the Secured Party, or upon other lawful exercise of the Secured Party’s rights, Landlord shall allow the Secured Party and its agents, employees, contractors, movers, or representatives reasonable access to the premises for the purpose of:
inspecting the Collateral;
identifying and segregating the Collateral;
taking possession of the Collateral; and
removing the Collateral from the premises.
Except in emergencies, the Secured Party shall provide prior notice of intended entry as follows:
[Insert notice period or write “reasonable prior notice”]
7. Removal of Collateral
The Secured Party may remove the Collateral from the premises without being deemed to have assumed the lease or become a tenant under the lease.
The Secured Party may use reasonable means to disconnect, detach, move, and transport the Collateral, provided that the Secured Party:
acts in a commercially reasonable manner;
does not remove property not covered by this Waiver;
complies with reasonable building rules while on site; and
repairs material physical damage caused by the removal process, excluding ordinary wear, pre-existing conditions, and repairs related only to the absence of the Collateral itself.
8. No Assumption of Lease Obligations
The Secured Party does not become liable for rent, additional rent, taxes, utilities, maintenance, or any other tenant obligations under the lease merely because it holds an interest in the Collateral or enters the premises to inspect or remove the Collateral.
The Secured Party shall become liable under the lease only if it expressly agrees in writing to assume those obligations.
9. Notice of Lease Default
Landlord shall give the Secured Party written notice of any tenant default under the lease that could reasonably result in lockout, eviction, termination, seizure of property, or other action affecting the Collateral.
Required notice period before such action, if applicable:
[Number] days
Notice shall be sent to:
Name: [Secured Party Contact Name]
Address: [Address]
Email: [Email Address]
10. Limited Right to Cure
If the lease default identified in Section 9 is capable of cure, the Secured Party shall have the following right, but not the obligation, to cure that default for the limited purpose of preserving access to or removal of the Collateral:
[Describe cure right, time period, and limits, or write “No cure right granted”]
Any cure by the Secured Party shall not make the Secured Party a tenant or create continuing lease obligations unless separately agreed in writing.
11. Tenant Acknowledgment
Tenant acknowledges the Secured Party’s interest in the Collateral and agrees that the Collateral may be removed according to this Waiver.
Tenant further agrees not to represent to Landlord or others that the Collateral is owned free and clear of the Secured Party’s rights if that is not true.
12. Continuing Effect
This Waiver shall remain in effect so long as the lease remains in effect or the Collateral remains at the premises, unless the Secured Party provides written release of this Waiver.
This Waiver shall also apply to any replacement, substituted, or after-acquired Collateral of the same general type, if intended, as follows:
[Describe or write “Not applicable”]
13. Governing Law
This Waiver shall be governed by the laws of [State/Country], except to the extent mandatory commercial, landlord-tenant, secured-transactions, or real property law applies.
14. Entire Agreement
This Waiver contains the complete understanding of the Parties regarding the Collateral and the waiver of Landlord’s claims to it at the premises.
Any amendment to this Waiver must be in writing and signed by the Parties.
15. Signatures
Landlord:
Signature: __________________________
Name: [Full Name]
Title: [Title]
Date: [Date]
Tenant:
Signature: __________________________
Name: [Full Name]
Title: [Title]
Date: [Date]
Secured Party / Lessor / Finance Party:
Signature: __________________________
Name: [Full Name]
Title: [Title]
Date: [Date]
16. Optional Notary Acknowledgment
State of [State]
County of [County]
On this [Day] day of [Month], [Year], before me, the undersigned notary public, personally appeared [Name of Signer], known to me or satisfactorily proven to be the person whose name is subscribed to this document, and acknowledged that they executed it for the purposes stated herein.
Notary Public Signature: __________________________
Printed Name: [Notary Name]
My Commission Expires: [Date]
Notary Seal: __________________________
