The Personal Guarantee Form For Commercial Lease is a crucial document in Canadian commercial leasing transactions, commonly required when a business entity with limited operating history or financial strength seeks to lease commercial space. This guarantee provides landlords with additional security by making an individual (often a business owner, director, or officer) personally responsible for the tenant's lease obligations. The document is particularly relevant in situations where the tenant is a new or small business, has limited credit history, or when the lease involves significant financial commitment. Governed by provincial property laws and federal legislation, it typically includes detailed provisions about the scope of guaranteed obligations, enforcement mechanisms, and the duration of the guarantee. This form is essential for risk management in commercial real estate transactions and is widely used across Canada's commercial property sector.
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1. Parties: Identifies the guarantor(s), landlord, and tenant with their full legal names and addresses
2. Background: Recitals explaining the context of the guarantee, including reference to the main lease agreement
3. Definitions: Defines key terms used in the guarantee agreement
4. Guarantee and Indemnity: Core section detailing the scope of the guarantee and indemnification obligations
5. Guaranteed Obligations: Specific details of what obligations are being guaranteed under the lease
6. Duration of Guarantee: Specifies how long the guarantee remains in effect
7. Nature of Guarantee: Establishes that this is a continuing guarantee and survives lease modifications
8. Enforcement: Landlord's rights and procedures for enforcing the guarantee
9. Guarantor's Warranties and Representations: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
10. Waiver of Defenses: Guarantor's waiver of common defenses to enforcement
11. Notice Requirements: How and where notices must be delivered to all parties
12. Governing Law: Specifies applicable provincial law and jurisdiction
13. Execution: Signature blocks and witness requirements
1. Multiple Guarantors: Required when there is more than one guarantor, establishing joint and several liability
2. Security: Optional section when specific assets are being pledged as security for the guarantee
3. Guarantee Limit: Used when the guarantee is capped at a specific amount rather than being unlimited
4. Priority and Subordination: Required when there are multiple creditors or guarantees that need to be ranked
5. Financial Reporting: Optional requirements for guarantor to provide periodic financial statements
6. Insurance Requirements: Optional section requiring guarantor to maintain specific insurance coverage
7. Assignment: Optional section dealing with the ability to assign the guarantee
8. Early Termination Rights: Optional provisions allowing for early termination of the guarantee under specific circumstances
1. Schedule A - Commercial Lease Details: Copy or summary of the main lease agreement being guaranteed
2. Schedule B - Guaranteed Obligations: Detailed list of specific obligations being guaranteed if not fully covered in main text
3. Schedule C - Property Description: Legal description of the leased premises
4. Schedule D - Financial Disclosure: Guarantor's financial information if required
5. Schedule E - Security Details: Description of any security provided for the guarantee if applicable
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