The Commercial Lease Guaranty is a crucial document in Nigerian commercial real estate transactions where additional security is required for a lease agreement. It is typically used when a landlord requires extra assurance beyond the tenant's own covenant, such as when dealing with new businesses, companies with limited trading history, or high-value commercial properties. The guarantee provides the landlord with recourse to a third party (usually a parent company, director, or financially stable entity) in case of tenant default. The document must comply with Nigerian contract law principles, including the Contract Act of 1958 and relevant property legislation. It should clearly define the guaranteed obligations, duration, enforcement mechanisms, and include all necessary provisions to ensure its enforceability in Nigerian courts. The document is particularly important in major commercial centers like Lagos, Abuja, and Port Harcourt, where high-value commercial lease transactions are common.

1. Parties: Identification of the Guarantor, Landlord (Beneficiary), and Tenant, including full legal names and addresses

2. Background: Recitals explaining the context of the guarantee, reference to the main lease agreement, and the parties' intention to enter into this guarantee

3. Definitions: Definitions of key terms used throughout the guarantee agreement, including 'Guaranteed Obligations', 'Lease', 'Premises', and 'Term'

4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including scope of guaranteed payments and performance

5. Duration of Guarantee: Specification of when the guarantee becomes effective and when it terminates

6. Nature of Guarantee: Establishes that the guarantee is continuing, irrevocable, and unconditional

7. Guarantor's Obligations: Detailed listing of specific obligations and responsibilities of the guarantor

8. Preservation of Rights: Landlord's rights preservation and circumstances that don't discharge the guarantee

9. Payments: Payment terms, timing, and method of payment under the guarantee

10. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial ability to provide the guarantee

11. Enforcement: Conditions and procedures for enforcing the guarantee

12. Notices: Requirements and procedures for serving notices under the guarantee

13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes