Landlord Tenant Waivers Law & Legal Definition
In the landlord tenant law context, a waiver is an intentional and voluntary relinquishment of a right of something the landlord is permitted to do, such as retain property of a tenant. A Landlord’s Waiver is also a critical document in the asset-based lender’s loan documentation package. When properly drafted, it provides the secured lender with access to the borrower’s leased premises and facilitates the liquidation of the collateral on the borrower’s premises thereby avoiding the costs of removing the collateral and related foreclosure expenses. Liquidation of the collateral is usually accomplished on the borrower’s premises without any additional payments to the borrower as per appropriate provisions of the Loan and Security Agreement.
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