A Lease Subordination Agreement becomes necessary when a property owner seeks financing while having existing tenants or when new leases are contemplated for mortgaged property. Under English and Welsh law, this agreement ensures clarity in the ranking of interests between leases and mortgage security. The document typically addresses the relative priorities of the parties' interests, the continuation of the lease following any enforcement of the mortgage, and the recognition of the lender's rights by the tenant. It's particularly crucial in commercial property financing where lenders require certainty about their security position.
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1. Parties: Identifies all parties to the agreement (landlord, tenant, lender)
2. Background: Recitals explaining the existing lease and loan arrangements
3. Definitions: Key terms used throughout the agreement including references to relevant legislation
4. Subordination Provisions: Core terms establishing priority between lease and loan
5. Representations and Warranties: Statements of fact by parties regarding their authority and the lease/loan
6. Covenants: Ongoing obligations of the parties
1. Non-Disturbance Provisions: Used when tenant requires protection from foreclosure to ensure continued occupancy rights
2. Attornment Provisions: Tenant's agreement to recognize new owner after foreclosure, used when lender requires direct relationship with tenant post-foreclosure
3. Insurance Requirements: Additional insurance obligations when standard lease insurance provisions need modification
1. Schedule 1 - Original Lease: Copy or details of the lease being subordinated
2. Schedule 2 - Loan Agreement/Mortgage: Details of the senior debt instrument
3. Schedule 3 - Property Description: Legal description of the property
4. Schedule 4 - Notice Provisions: Contact details and procedures for serving notices
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