The Lease Subordination Agreement is a critical document in Philippine real estate transactions where property owners seek financing while having existing tenants. This agreement becomes necessary when a property owner wants to obtain a mortgage or refinancing on a property that already has lease agreements in place. The document establishes the relative priorities of the lease and mortgage, ensuring the lender's security interest takes precedence over the tenant's leasehold rights. Typically used in commercial real estate transactions, the agreement often includes provisions for non-disturbance and attornment to protect tenants' interests. Under Philippine law, these agreements must comply with the Civil Code, Property Registration Decree, and relevant real estate regulations. The document helps facilitate property financing while maintaining stable landlord-tenant relationships and protecting the interests of all parties involved.
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1. Parties: Identifies all parties to the agreement: Landlord, Tenant, and Lender/Mortgagee
2. Background: Recitals explaining the existing lease arrangement, the need for subordination, and any relevant financing
3. Definitions: Defines key terms used throughout the agreement including Property, Lease, Mortgage, and Subordination
4. Subordination: Core provision establishing that the lease and tenant's rights are subordinate to the specified mortgage or other senior interest
5. Acknowledgment of Lease: Confirmation of the existing lease terms and that the lease is in full force and effect
6. Non-Disturbance: Lender's agreement not to disturb tenant's possession upon foreclosure if tenant is not in default
7. Attornment: Tenant's agreement to recognize lender or subsequent owner as landlord upon foreclosure
8. Notice Requirements: Procedures for serving notices between parties and cure periods for defaults
9. Representations and Warranties: Standard representations by all parties regarding authority, binding effect, and no conflicts
10. Governing Law: Specifies Philippine law as governing law and jurisdiction for disputes
11. Execution: Signature blocks and notarial acknowledgment as required under Philippine law
1. Estoppel Certificates: Required when parties need periodic confirmation of lease status and no defaults
2. Insurance Requirements: Added when specific insurance obligations need to be established between parties
3. Assignment and Subletting: Include when there's a need to modify original lease provisions regarding assignment
4. Mortgage Terms: Required when specific mortgage provisions need to be acknowledged by tenant
5. Remedies: Include when parties want to specify additional remedies beyond standard legal remedies
6. Conditions Precedent: Added when subordination is conditional on specific events or requirements
7. Amendment of Lease: Include when original lease terms need modification as part of subordination
1. Schedule A - Property Description: Detailed legal description of the property including lot numbers, boundaries, and title details
2. Schedule B - Lease Agreement: Copy or summary of the original lease agreement being subordinated
3. Schedule C - Mortgage Details: Summary or copy of the mortgage or other senior interest
4. Schedule D - Prior Encumbrances: List of any existing encumbrances or liens on the property
5. Schedule E - Special Conditions: Any special conditions or requirements for the subordination to take effect
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