We are processing a loan to an S Corp, owned by husband and wife. Collateral will be inventory and equipment. The collateral is located on property owned by the individuals (husband and wife, which we will also be taking as collateral. They are going to sign a hypothication for the property. Because the collateral belongs to the corp and the property where the collateral is located is husband and wife I feel that we need a landlord waiver for the collateral. Is this right or based on the ownership of the property is it not needed?

If you are in a state which has any sort of a landlord's lien, you will want a waiver which addresses that. If any of the equipment is, could be or may be deemed real estate or a part therof by anyone you want a Landlord's waiver. Decently drafted waivers usually also address the right of the lender to keep the collateral there after a default and allow for holding a secured creditors's sale. I would want one.