A Lease Performance Bond is commonly used in commercial property leasing within England and Wales when traditional rent deposits may be insufficient or impractical. This document creates a three-party relationship where a financial institution guarantees a tenant's lease obligations to their landlord. The bond typically covers rent payments, service charges, and other lease obligations, providing landlords with immediate access to funds upon default. The document specifies the guaranteed amount, claim procedures, and duration, offering a more flexible alternative to cash deposits while maintaining robust security for the landlord.
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Key Requirements PROMPT example:
Lease Performance Bond
I need a Lease Performance Bond for our retail tenant who's taking a 10-year lease of our shopping center unit from March 2025, with the bond amount set at 12 months' rent (£250,000) and HSBC as the guarantor.
1. Parties: Details of the Bond Provider (Guarantor), Principal (Tenant), and Beneficiary (Landlord)
2. Background: Context of the lease agreement and purpose of the performance bond
3. Definitions: Key terms used throughout the document including 'Guaranteed Obligations', 'Bond Amount', 'Lease'
4. Bond Amount: Specific sum guaranteed under the bond
5. Guarantee and Indemnity: Core obligations of the Bond Provider
6. Demand Requirements: Process and conditions for making a claim under the bond
7. Duration: Term of the bond and conditions for expiry
8. Governing Law and Jurisdiction: Confirmation of English and Welsh law governance
1. Assignment: Rights to assign the bond - include when assignment rights need to be specifically addressed
2. Step-In Rights: Rights of the guarantor to take over the lease - include for high-value commercial leases
3. Multiple Beneficiaries: Provisions for multiple landlords - include when the property has multiple owners
4. Automatic Renewal: Provisions for bond renewal - include for longer-term leases requiring periodic renewal of security
1. Form of Demand: Template for making claims under the bond
2. Copy of Lease: The underlying lease agreement being guaranteed
3. Contact Details: Administrative and notice details for all parties
4. Calculation of Bond Amount: Where the bond amount is based on a formula or multiple components
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