The Guarantee Lease Agreement is a specialized legal instrument used in New Zealand when a landlord requires additional security for a tenant's lease obligations. This document is particularly relevant in commercial leasing situations where the tenant's financial standing needs to be supplemented by a third-party guarantee. It combines standard lease provisions compliant with New Zealand property law with comprehensive guarantee clauses, making it suitable for high-value commercial premises or situations involving new or unproven tenants. The agreement typically includes detailed terms about the guarantee's scope, the guarantor's obligations, enforcement mechanisms, and the specific circumstances under which the guarantee can be called upon. It's designed to protect the landlord's interests while ensuring clarity and fairness for all parties involved.
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1. Parties: Identifies all parties: Landlord, Tenant, and Guarantor(s)
2. Background: Contextual information explaining the purpose of the agreement and relationship between parties
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. Lease Grant: Core terms of the lease including property description, term, and permitted use
5. Rent and Operating Expenses: Details of rent, operating expenses, payment terms, and review mechanisms
6. Guarantee Provisions: Terms of the guarantee including scope, obligations, and duration
7. Tenant's Covenants: Tenant's obligations regarding property use, maintenance, and compliance
8. Landlord's Covenants: Landlord's obligations regarding property maintenance and tenant's quiet enjoyment
9. Insurance Requirements: Insurance obligations for all parties
10. Default and Remedies: Consequences of default and available remedies for all parties
11. Assignment and Subletting: Rules regarding transfer of lease rights and obligations
12. Termination: Circumstances and procedures for terminating the lease
13. General Provisions: Standard clauses including notices, governing law, and dispute resolution
1. Fit-out Works: Include when tenant improvements or modifications are planned
2. Environmental Obligations: Include for properties with specific environmental requirements or concerns
3. Trading Hours and Requirements: Include for retail or commercial premises in shopping centers or similar locations
4. Multiple Guarantors: Include when there are multiple guarantors with joint and several liability
5. Right of First Refusal: Include if tenant has rights to lease adjacent spaces or purchase property
6. Special Use Conditions: Include for properties with specific use restrictions or requirements
7. Seismic Requirements: Include for buildings requiring specific seismic compliance or upgrades
8. Covid-19 Provisions: Include provisions dealing with pandemic-related disruptions
1. Schedule 1 - Property Details: Detailed description of leased premises including plans and specifications
2. Schedule 2 - Rent and Payment Schedule: Detailed breakdown of rent, operating expenses, and payment dates
3. Schedule 3 - Guarantee Terms: Specific terms and conditions of the guarantee including liability limits
4. Schedule 4 - Condition Report: Initial condition of the premises with photographs and descriptions
5. Schedule 5 - Building Rules: Specific rules and regulations for the building or complex
6. Schedule 6 - Fit-out Specifications: Details of any approved tenant improvements or modifications
7. Appendix A - Required Insurance Certificates: Copies of required insurance certificates
8. Appendix B - Bank Guarantee Format: Template for bank guarantee if required
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