The Lease Guaranty agreement is a crucial document in Philippine real estate transactions, commonly used when a landlord requires additional security beyond the primary tenant's covenant. This document is particularly relevant when leasing to new businesses, companies with limited trading history, or individuals with insufficient credit standing. The Lease Guaranty, governed by Philippine law, creates a legally binding commitment from a third party (typically a parent company, business owner, or financially stable individual) to step in and fulfill all lease obligations if the original tenant defaults. The agreement must be structured in compliance with the Civil Code of the Philippines and related property laws, typically requiring notarization for enforceability. It includes detailed provisions about the scope of guaranteed obligations, enforcement procedures, and the guarantor's rights and obligations.
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1. Parties: Identifies and provides full details of all parties: Lessor (landlord), Lessee (tenant), and Guarantor
2. Background: Describes the context of the guaranty, including reference to the main lease agreement and the reason for requiring a guarantor
3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Lease Agreement', and other relevant terms
4. Guarantee and Indemnity: Core section detailing the scope of the guarantor's obligations and indemnification commitments
5. Nature of Guarantee: Specifies whether the guarantee is continuing, irrevocable, and/or unconditional
6. Guarantor's Representations and Warranties: Statements confirming the guarantor's capacity and authority to enter into the agreement
7. Duration of Guarantee: Specifies the term of the guarantee and any conditions for its termination
8. Payment Obligations: Details the guarantor's payment obligations and procedures
9. Enforcement: Procedures for enforcing the guarantee and claiming against the guarantor
10. Notices: Specifies how and where formal notices should be delivered to all parties
11. Governing Law and Jurisdiction: Confirms Philippine law as governing law and specifies jurisdiction for disputes
1. Security: Include when the guarantor is providing additional security for their obligations
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Corporate Guarantor Provisions: Include when the guarantor is a corporation, with specific corporate representations and warranties
4. Guarantee Limitations: Include when there are specific caps or limitations on the guarantor's liability
5. Assignment and Transfer: Include when either party may need to assign their rights under the guarantee
1. Schedule 1 - The Lease: Copy or key terms of the underlying lease agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of all obligations covered by the guarantee
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor including financial status and contact details
4. Appendix A - Form of Demand: Template for making a formal demand under the guarantee
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