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Personal Guarantee Rental Agreement

Personal Guarantee Rental Agreement Template for New Zealand

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Key Requirements PROMPT example:

Personal Guarantee Rental Agreement

"I need a Personal Guarantee Rental Agreement for a high-value residential property in Auckland, where the tenant is an international student and their parent company in Singapore will act as corporate guarantor, with the agreement to commence from March 2025."

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Document background
The Personal Guarantee Rental Agreement is a specialized legal document used in New Zealand when additional security is required for a residential tenancy. This document is commonly utilized in situations where a tenant may have limited rental history, insufficient income, or when the property value or rent is substantial. It combines standard rental agreement provisions with a personal guarantee component, ensuring that a third party (guarantor) assumes legal responsibility for the tenant's obligations if they default. The agreement must comply with New Zealand's Residential Tenancies Act 1986 and related legislation, making it suitable for both private landlords and property management companies. It's particularly common in student housing, high-end residential properties, or when renting to individuals with no local rental history.
Suggested Sections

1. Parties: Identifies all parties: Landlord/Property Manager, Tenant(s), and Guarantor(s)

2. Background: Explains the context of the agreement, including the primary rental agreement details and need for guarantee

3. Definitions: Defines key terms used throughout the agreement

4. Guarantee and Indemnity: Core terms of the guarantee, including scope of guaranteed obligations and indemnity provisions

5. Extent of Guarantee: Details the monetary limit (if any) and duration of the guarantee

6. Guarantor's Obligations: Specific obligations and responsibilities of the guarantor

7. Nature of Guarantee: Specifies that the guarantee is continuing, irrevocable, and unconditional

8. Landlord's Rights: Rights of the landlord in relation to enforcement of the guarantee

9. Default and Enforcement: Procedures and consequences in case of default by tenant or guarantor

10. Notices: Requirements for giving notices under the agreement

11. Governing Law: Confirms New Zealand law governs the agreement

12. Execution: Signing provisions and attestation requirements

Optional Sections

1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, including joint and several liability

2. Guarantee Limit: Section defining specific monetary limits on the guarantee, if applicable

3. Corporate Guarantor: Special provisions required when the guarantor is a company rather than an individual

4. Independent Legal Advice: Acknowledgment that the guarantor has received independent legal advice, recommended for high-value guarantees

5. Assignment and Transfer: Provisions allowing for assignment of the guarantee, if permitted

6. Dispute Resolution: Specific procedures for resolving disputes, including mediation or arbitration provisions

Suggested Schedules

1. Schedule 1 - Primary Tenancy Agreement: Copy or key details of the main rental agreement being guaranteed

2. Schedule 2 - Guaranteed Obligations: Detailed list of all obligations covered by the guarantee

3. Schedule 3 - Guarantor's Personal Information: Required personal and contact details of the guarantor(s)

4. Appendix A - Certificate of Independent Legal Advice: If applicable, signed certificate from guarantor's legal advisor

5. Appendix B - Privacy Statement: Details on how guarantor's personal information will be collected, used, and stored

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Property Management

Residential Property

Legal Services

Property Investment

Student Housing

Commercial Property

Property Development

Relevant Teams

Legal

Property Management

Leasing

Operations

Risk Management

Compliance

Customer Service

Administration

Contract Management

Relevant Roles

Property Manager

Rental Manager

Legal Counsel

Tenancy Officer

Leasing Consultant

Real Estate Agent

Property Administrator

Compliance Officer

Risk Manager

Contract Administrator

Housing Manager

Tenant Relations Manager

Industries
Residential Tenancies Act 1986: Primary legislation governing residential tenancy relationships in New Zealand, including rights and obligations of landlords and tenants, and enforcement of tenancy agreements
Contract and Commercial Law Act 2017: Governs the formation, interpretation, and enforcement of contracts, including guarantees and requirements for valid contracts
Property Law Act 2007: Contains provisions relating to property transactions, leases, and guarantees of lease obligations
Privacy Act 2020: Regulates how personal information of the guarantor and tenant must be collected, used, stored, and disclosed
Credit Contracts and Consumer Finance Act 2003: Relevant for any credit arrangements and consumer protection in financial agreements including guarantees
Fair Trading Act 1986: Ensures fair trading practices and prohibits misleading or deceptive conduct in business transactions, including rental agreements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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