The Lease Guaranty Agreement is a critical risk management tool in Indian real estate transactions, commonly used when a landlord requires additional security beyond the tenant's own covenant. This document becomes particularly relevant when dealing with new businesses, students, or tenants with limited credit history. The agreement, governed by Indian contract and property laws, establishes a three-way relationship between the landlord, tenant, and guarantor. A well-drafted Lease Guaranty Agreement should clearly define the guaranteed obligations, duration of the guarantee, conditions for enforcement, and the extent of the guarantor's liability. It serves as a crucial document in both commercial and residential leasing, providing landlords with additional security while enabling tenants to secure properties they might otherwise be unable to lease. The agreement must comply with the Indian Contract Act, 1872, Transfer of Property Act, 1882, and relevant state-specific regulations.
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1. Parties: Identifies and provides full details of all parties: the Landlord (beneficiary of the guarantee), the Tenant (principal debtor), and the Guarantor
2. Background: Recitals explaining the context of the lease agreement and the requirement for a guarantee
3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Lease Agreement', 'Property', etc.
4. Guarantee and Indemnity: Core section establishing the guarantee, its scope, and the guarantor's commitment to indemnify the landlord
5. Extent of Guarantee: Details the specific obligations covered by the guarantee, including rent, service charges, damages, and other tenant obligations
6. Duration of Guarantee: Specifies how long the guarantee remains in effect and any conditions for termination
7. Guarantor's Obligations: Comprehensive list of the guarantor's responsibilities and commitments
8. Preservation of Guarantee: Circumstances under which the guarantee remains valid despite changes to the lease or parties
9. Landlord's Rights and Remedies: Details the landlord's rights to enforce the guarantee and available remedies
10. Payment Provisions: Specifics about when and how payments must be made under the guarantee
11. Representations and Warranties: Guarantor's confirmations about their capacity and authority to provide the guarantee
12. Notices: Requirements for how formal communications between parties should be made
13. Governing Law and Jurisdiction: Specifies Indian law as governing law and establishes jurisdiction for disputes
1. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
2. Corporate Guarantor Provisions: Additional provisions required when the guarantor is a company rather than an individual
3. Property Sale Provisions: Provisions dealing with the continuation of guarantee in case of property sale
4. Step-In Rights: Provisions allowing guarantor to take over the lease in certain circumstances
5. Guarantee Limit: If the guarantee is capped at a specific amount rather than being unlimited
6. Assignment and Transfer: Required when either party needs the right to assign the guarantee
7. Force Majeure: Provisions for extraordinary events affecting the guarantee obligations
1. Schedule 1 - Lease Agreement Details: Copy or key details of the underlying lease agreement
2. Schedule 2 - Property Description: Detailed description of the leased property covered by the guarantee
3. Schedule 3 - Guaranteed Obligations: Itemized list of all obligations covered by the guarantee
4. Schedule 4 - Guarantor's Details: Detailed information about the guarantor including financial status if relevant
5. Appendix A - Form of Demand: Standard form for making demands under the guarantee
6. Appendix B - Guarantor's Certificates: Copies of relevant corporate or financial certificates of the guarantor
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