The Personal Guarantee Form For Commercial Lease is a crucial document in Hong Kong's commercial property landscape, typically required when a landlord seeks additional security beyond the tenant company's covenant. This document is particularly relevant when leasing to companies with limited trading history, subsidiaries of overseas entities, or in high-value commercial leases. The guarantee creates a direct obligation from individuals (usually directors or shareholders) to the landlord, ensuring personal liability for the tenant's obligations under the lease. The document must comply with Hong Kong contract law and property regulations, including specific requirements for guarantee agreements and commercial lease arrangements. It typically includes comprehensive provisions for enforcement, default scenarios, and the scope of guaranteed obligations, providing landlords with robust protection while clearly defining the guarantor's responsibilities.
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1. Parties: Identifies the Landlord (beneficiary of the guarantee), the Guarantor, and references to the Tenant
2. Background: Explains the context of the guarantee, referencing the main lease agreement and the requirement for a guarantee
3. Definitions: Defines key terms used in the guarantee, including 'Lease', 'Guaranteed Obligations', 'Property', and other relevant terms
4. Guarantee and Indemnity: Core section detailing the guarantor's obligations and scope of the guarantee, including primary obligations and indemnification provisions
5. Duration of Guarantee: Specifies the time period for which the guarantee remains valid and any conditions affecting its duration
6. Guarantor's Obligations: Detailed list of specific obligations the guarantor is undertaking, including payment obligations and performance guarantees
7. Preservation of Rights: Explains how the guarantee remains valid despite changes to the lease or delays in enforcement
8. Representations and Warranties: Guarantor's confirmations about their capacity and authority to provide the guarantee
9. Costs and Expenses: Details of who bears the costs of preparing and enforcing the guarantee
10. Notices: Specifies how and where formal communications between parties should be made
11. Governing Law and Jurisdiction: Confirms Hong Kong law governs the agreement and Hong Kong courts have jurisdiction
12. Execution: Signature blocks and execution formalities
1. Joint and Several Liability: Required when there are multiple guarantors, establishing their joint and several liability
2. Bank Guarantee Option: Optional section allowing for bank guarantee as an alternative to personal guarantee
3. Step-In Rights: Optional provision allowing guarantor to take over lease if tenant defaults
4. Limitation of Liability: Optional cap on guarantor's liability, if agreed by parties
5. Corporate Guarantor Provisions: Required when guarantor is a company rather than an individual
6. Assignment and Transfer: Optional provisions regarding the ability to transfer or assign the guarantee
1. Schedule 1 - The Lease: Copy or key details of the main lease agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of the specific obligations being guaranteed
3. Schedule 3 - Property Details: Description of the leased property and its address
4. Appendix A - Form of Demand: Template for making formal demands under the guarantee
5. Appendix B - Guarantor's Personal Information: Required personal or corporate details of the guarantor(s)
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