What are commercial tenants to think? In registering notices of their lease on different properties with different freehold lenders, tenants in one instance register prior to the lender. In another instance, tenants register subsequent to the lender. In yet another instance, major tenants register prior to the lender while other tenants register subsequent to the lender. Why do lenders take different approaches? What effect do these different approaches have if landlords default? Basically, if lenders have notice of tenants’ prior leases, those lenders will, absent any agreement to the contrary, have no right to evict those tenants if lenders enforce their security on landlord defaults. However, if tenants have notice of lenders’ prior security, lenders will not be bound by the lease and, absent any agreement to the contrary, lenders, when enforcing their security, may terminate the lease and evict. Likewise, tenants may terminate the lease (as the tenant did in the Goodyear case) when lenders enforce their security on landlord defaults. Sound confusing? A subsequent edition of Leasing Times will consider non disturbance and other agreements to clarify who’s on first and what’s on second.