Rhode Island Landlord's Waiver, also known as a landlord's consent or waiver of distraint, is a legal document required when a tenant wants to mortgage or obtain financing for the equipment they have placed in a leased premise. This waiver ensures that the landlord gives up their right to claim or seize the equipment in case of default or foreclosure by the tenant. It provides security to the lender, allowing them to use the leased equipment as collateral for the financing. There are two main types of Rhode Island Landlord's Waivers related to mortgaging equipment in leased premises: 1. Absolute Waiver: This type of waiver completely releases the landlord from any claims on the tenant's equipment in the event of default or foreclosure. It gives the tenant full rights to mortgage the equipment without any interference from the landlord. An absolute waiver is preferred by lenders as it provides them with better collateral security. 2. Conditional/Partial Waiver: In some cases, the landlord may agree to waive their rights to the equipment but set certain conditions. For instance, the landlord may include provisions that ensure the equipment is returned to them in case the lease is terminated or that the tenant is responsible for returning the premises to its original condition. This type of waiver may be used when the landlord wants to maintain some control over the equipment or protect their interests. When applying for a mortgage on equipment in leased premises in Rhode Island, it is important for tenants to obtain a Landlord's Waiver. Lenders often require this document to ensure that their financing is secure. The waiver must be a legally binding agreement between the tenant and the landlord, clearly stating the equipment being mortgaged, the terms of the lease, and the rights and responsibilities of both parties. Overall, a Rhode Island Landlord's Waiver is an essential document for tenants seeking financing on equipment placed in leased premises. It provides protection to lenders and enables tenants to obtain the necessary funds to support their business operations.
Rhode Island Landlord's Waiver - needed to mortgage equipment in leased premises
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The option to expand is an expansion clause that allows the tenant to reserve a space for future use, at no additional cost, within a defined time period. If the tenant fails to make use of the space in that time period, the landlord has the right to market and lease the space to a third party.
The Waiver (or Subordination) and Consent Agreement will likely provide the tenant's lender with the right to enter the leased premises and remove the tenant's personal property or trade fixtures to which the lender has rights.
Must Take. With a Must Take clause, the tenant agrees up front to lease the entire space they will anticipate needing in the future. However, in many cases, the tenant only pays rent on the part of the space they actually need for a certain negotiable period of time (a so-called ?ramp-up? period).
An exclusive use clause, or ?exclusive,? reflects the agreement of the landlord to allow any other tenants within the shopping center to use their respective premises for a specific use, whether selling certain products or providing certain services.
The collateral which secures these loans is the leasehold interest held by the lessee and the improvements upon (or to be constructed upon, in the case of construction financing) the leased property.
4. Use Clauses. This clause defines how the tenant can and can't use the property they're leasing. The use clause may be very specific, so it's important that you read its terms carefully.
The tenant's right to cease operations at its leased space while the tenant continues to pay rent. A go dark clause is commonly negotiated in retail leases. The right to go dark provides tenants with maximum flexibility, which is especially important for large national retail tenants.
An agreement between a landlord and a receivables financier in which the landlord agrees to waive its rights to exercise distraint over a client's assets to meet sums due to the landlord, usually unpaid rent.