The Landlord Subordination Agreement is a crucial document in commercial property financing transactions in Pakistan. It is typically required when a tenant seeks to obtain financing where the lender requires security over the tenant's leasehold interest and/or assets located at the leased premises. The agreement ensures that the lender's security interests take priority over the landlord's rights under the lease agreement, providing the lender with necessary comfort for extending financing. The document must comply with Pakistani legal requirements, including the Transfer of Property Act 1882, Contract Act 1872, and relevant provincial property laws. It becomes particularly important in scenarios involving commercial property leases where tenants require significant financing for business operations or improvements to the leased property.
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1. Parties: Identifies all parties to the agreement: Landlord, Tenant, and Lender
2. Background: Recitals explaining the existing lease arrangement, the loan facility, and the purpose of the subordination
3. Definitions: Defines key terms used throughout the agreement including Property, Lease, Loan Agreement, Security Documents
4. Subordination: Core provision establishing the subordination of landlord's rights to the lender's security interest
5. Landlord's Representations and Warranties: Confirms landlord's authority, ownership of property, and validity of lease
6. Landlord's Covenants: Specific undertakings by the landlord regarding the lease and property
7. Notice Requirements: Procedures for serving notices between parties, particularly regarding defaults
8. Lender's Rights: Details the lender's rights regarding property access, cure periods, and new lease options
9. Term and Termination: Duration of the agreement and circumstances for termination
10. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and relevant jurisdiction
11. Execution: Signature blocks and execution formalities
1. Multiple Properties: Additional provisions when the subordination covers multiple properties
2. Assignment and Transfer: Provisions regarding the transfer of rights under the agreement, if transfers are contemplated
3. Insurance Requirements: Specific insurance obligations if not covered in the main lease
4. Rental Payment Directions: Instructions for redirect of rent payments upon default, if applicable
5. Step-In Rights: Detailed provisions for lender's step-in rights if not covered in main sections
6. Dispute Resolution: Alternative dispute resolution procedures if parties prefer arbitration or mediation
7. Force Majeure: Provisions for unforeseen circumstances affecting performance
1. Property Description: Detailed legal description of the property including title details and registration information
2. Lease Details: Summary or copy of the key terms of the existing lease agreement
3. Loan Facility Details: Summary of the relevant loan facility terms requiring subordination
4. Form of Notices: Template formats for various notices required under the agreement
5. Existing Encumbrances: List of any existing charges or encumbrances on the property
6. Required Authorizations: List of necessary corporate or regulatory approvals
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