The Personal Guarantee Lease Agreement is commonly used in Hong Kong's property market when additional security is required beyond the standard lease agreement. This typically occurs when letting to companies with limited trading history, individuals with uncertain credit status, or in high-value commercial leases. The document outlines the guarantor's obligations, the scope and duration of the guarantee, and the circumstances under which it can be enforced. It must comply with Hong Kong's legal framework, particularly regarding contract formation, property law, and enforcement mechanisms. The agreement provides landlords with an additional layer of protection while facilitating lease arrangements that might otherwise be considered too risky.
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1. Parties: Identifies the landlord, tenant, and guarantor with their full legal names and addresses
2. Background: Explains the context of the agreement, including the intent to lease the property and the requirement for a guarantee
3. Definitions: Defines key terms used throughout the agreement
4. The Lease: References and identifies the principal lease agreement being guaranteed
5. Guarantee and Indemnity: Core section detailing the guarantor's obligations and the scope of the guarantee
6. Duration of Guarantee: Specifies the time period for which the guarantee remains valid
7. Guarantor's Representations and Warranties: Statements of fact and promises made by the guarantor regarding their capacity and authority
8. Landlord's Rights and Remedies: Details the landlord's rights in case of default by either tenant or guarantor
9. Preservation of Guarantee: Circumstances under which the guarantee remains valid despite changes to the lease or parties
10. Costs and Expenses: Allocation of costs related to the preparation and enforcement of the guarantee
11. Notices: Procedures for serving formal notices between parties
12. General Provisions: Standard boilerplate clauses including severability, entire agreement, and governing law
1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, defining joint and several liability
2. Limit of Liability: Used when the guarantee is capped at a specific amount
3. Corporate Guarantor Provisions: Additional provisions required when the guarantor is a company rather than an individual
4. Assignment and Transfer: Provisions governing the transfer of guarantee rights, used when assignment might be contemplated
5. Foreign Guarantor Provisions: Additional provisions for guarantors based outside Hong Kong, including service of process arrangements
6. Release Conditions: Specific conditions under which the guarantor may be released from obligations, if agreed
7. Security Provisions: Used when additional security is provided alongside the guarantee
1. Schedule 1: The Property: Detailed description of the leased property including address and boundary details
2. Schedule 2: The Principal Lease: Key terms of the main lease being guaranteed
3. Schedule 3: Guarantor's Details: Comprehensive information about the guarantor including contact details and financial information
4. Schedule 4: Guaranteed Obligations: Itemized list of obligations covered by the guarantee
5. Appendix A: Form of Notice: Standard forms for various notices required under the agreement
6. Appendix B: Financial Statement Format: Template for any required financial reporting by the guarantor
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