The Guarantee For Rental Agreement is a crucial document in Nigerian real estate transactions, providing landlords with additional security for their rental properties. This document becomes necessary when a landlord requires extra assurance beyond the tenant's own covenant, typically in situations involving new businesses, students, individuals with limited credit history, or high-value commercial leases. The guarantee agreement works in conjunction with the main rental agreement, creating a legally binding commitment from a third party (the guarantor) to step in and fulfill the tenant's obligations if they fail to do so. Under Nigerian law, this document must comply with both federal and state-specific legislation regarding property law, contract formation, and enforcement procedures. The agreement should be carefully drafted to ensure it's enforceable and clearly defines the scope of the guarantor's liability, including whether it covers just rent or extends to other obligations such as property maintenance and damages.
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1. Parties: Identification of the Landlord, Tenant, and Guarantor with full legal names and addresses
2. Background: Context of the guarantee, referring to the main rental agreement and explaining why the guarantee is required
3. Definitions: Key terms used in the guarantee agreement, including references to the rental agreement, premises, and rental obligations
4. Guarantee and Indemnity: Core provisions detailing the guarantor's obligations and the extent of the guarantee
5. Scope of Guarantee: Specific details of what is being guaranteed (rent, damages, other obligations)
6. Duration: Term of the guarantee, including start date and conditions for termination
7. Guarantor's Obligations: Detailed list of the guarantor's responsibilities and commitments
8. Payment Terms: Conditions and timing for when the guarantor must make payments upon tenant default
9. Enforcement: Landlord's rights and procedures for enforcing the guarantee
10. Governing Law: Specification that Nigerian law governs the agreement
11. Execution: Signature blocks and attestation requirements
1. Joint and Several Liability: Required when there are multiple guarantors
2. Corporate Guarantor Provisions: Special provisions required when the guarantor is a company rather than an individual
3. Financial Reporting Requirements: Optional section requiring guarantor to provide periodic financial information
4. Guarantee Limit: Section capping the maximum liability of the guarantor
5. Change of Control: Provisions dealing with change in ownership or control of corporate guarantor
6. Assignment and Transfer: Provisions regarding the transfer of guarantee rights, particularly relevant for commercial properties
7. Alternative Dispute Resolution: Optional mechanisms for resolving disputes before court action
1. Schedule 1 - Main Lease Details: Summary of key terms from the main rental agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of specific obligations covered by the guarantee
3. Schedule 3 - Guarantor's Details: Detailed information about the guarantor including financial status and relationship to tenant
4. Appendix A - Form of Demand: Template for landlord to make formal demand under the guarantee
5. Appendix B - Guarantor's Statement of Net Worth: Financial disclosure form for individual guarantors
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