Personal Guarantee Rental Agreement for the United Kingdom
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Personal Guarantee Rental Agreement
"I need a Personal Guarantee Rental Agreement for a commercial property in Manchester where the tenant is a new startup company, and their director will act as guarantor starting from March 2025; the guarantee needs to cover both rent and property maintenance obligations."
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1. Parties: Identifies the guarantor, landlord, and tenant
2. Background: Explains the context of the guarantee and references the main lease
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core obligations of the guarantor
5. Duration of Guarantee: Period for which the guarantee remains valid
6. Guarantor's Obligations: Specific duties and responsibilities of the guarantor
7. Enforcement: Conditions under which the guarantee can be enforced
1. Joint and Several Liability: Required when multiple guarantors are involved
2. Assignment and Transfer: Provisions for transferring guarantee obligations
3. Step-in Rights: Allows guarantor to take over tenant's lease
1. Schedule 1 - Main Lease Details: Copy or summary of the main lease agreement
2. Schedule 2 - Guaranteed Obligations: Detailed list of obligations being guaranteed
3. Appendix A - Financial Information: Guarantor's financial details and status
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