The Guarantee of Lease Form is a crucial document in Philippine real estate transactions where additional security is required for lease agreements. It is commonly used when landlords seek extra protection beyond the standard lease provisions, particularly for high-value commercial properties or when dealing with tenants who have limited credit history or financial standing. The document, governed by Philippine law, specifically the Civil Code provisions on guarantees and leases, establishes a three-party relationship between the lessor, lessee, and guarantor. It's essential in situations where the landlord requires assurance of rent payment and other lease obligations, making it particularly relevant in commercial leasing, retail spaces, and significant residential properties. The guarantee typically covers all obligations under the lease, including rent payments, maintenance obligations, and potential damages, and remains effective throughout the lease term unless otherwise specified.
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1. Parties: Identifies the Guarantor, the Lessor (beneficiary of the guarantee), and references to the Lessee of the underlying lease
2. Background: Describes the underlying lease agreement and explains the context for providing the guarantee
3. Definitions: Defines key terms used in the guarantee agreement, including references to the lease terms
4. Guarantee: Core section detailing the scope and nature of the guarantee, including the guarantor's obligations
5. Duration of Guarantee: Specifies the term of the guarantee and any conditions for its termination or continuation
6. Guarantor's Liability: Details the extent of the guarantor's liability and any limitations
7. Enforcement: Procedures and conditions for enforcing the guarantee
8. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
9. Notices: Requirements for serving notices under the guarantee
10. Governing Law and Jurisdiction: Confirms Philippine law as governing law and specifies jurisdiction for disputes
1. Security Provisions: Additional security measures such as post-dated checks or security deposits, if required
2. Joint and Several Liability: Required when there are multiple guarantors
3. Assignment: Provisions regarding the ability to assign rights under the guarantee, if permitted
4. Step-In Rights: Rights of the guarantor to take over the lease in case of lessee default, if applicable
5. Automatic Extension: Provisions for automatic extension of guarantee in case of lease renewal, if agreed
6. Electronic Execution: Required if the guarantee will be executed electronically under the E-Commerce Act
1. Schedule 1 - The Lease: Copy or key details of the underlying lease agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of the specific obligations being guaranteed
3. Schedule 3 - Property Details: Description of the leased property covered by the guarantee
4. Appendix A - Form of Demand: Standard form for making a demand under the guarantee
5. Appendix B - Guarantor's Personal Information: Required details of the guarantor including financial information if relevant
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