How To Use
All parties benefit, from some degree, from this Waiver of Claims (termed “Distraint”).
- Secured Lender gets forbearance from Landlord under certain circumstances; Tenant gets a Loan and use of the property on his property for that purposes; Landlord gets a new “friend” in the Secured Lender who may pay up any deficient Lease payments of Tenant, should that occur.
- This Agreement is useful in particular to the Tenant to identify clearly that the property on its premises is theirs and not subject to Landlord liens.
- Make copies for all key parties. Be sure to file this in your safe.