This Waiver of Distraint is dated _____________, by and between _____________ (“Landlord”), ______________ (“Tenant”) and ___________________ (“Secured Lender’).
Whereas:
(A) Tenant has by Lease dated __________, (“Lease”) with Landlord for premises at ______________________________.
(B) Tenant has applied to Secured Lender for a loan (“Loan”) of to be secured by a Security Agreement forming a security interest on all personal property including all chattels and fixtures of the Tenant;
(C) As a condition of Lender making Loan, Lender has required Tenant to obtain this Agreement from Landlord; Therefore, in consideration of the granting of Loan by Lender to the Tenant, Landlord represents, covenants and agrees with Lender as follows:
1. Lease is presently in good standing, all payments hereunder have been made to date, no modifications have been made to the Lease to date, there are no existing defaults under Lease and Lease is in full force and effect.
2. Landlord specifically waives its right to distrain against the chattels and fixtures of Tenant in favour of any rights which Lender may now or hereafter have with respect to the chattels and fixtures of Tenant and agrees to release all such chattels and fixtures to Lender in the event of default by Tenant pursuant to the terms of any lease of the premises by Tenant prior to the repayment by Tenant of the Loan….
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