The Guarantor Agreement For Residential Lettings is a critical document in the Indian residential rental market, particularly useful when landlords require additional security beyond the tenant's commitments. This agreement becomes essential in situations where tenants may have limited credit history, are students, or are new to employment. The document, governed by Indian law, establishes legally binding obligations under the Indian Contract Act and Transfer of Property Act, detailing the guarantor's responsibilities, the extent of their liability, and the conditions under which the guarantee can be enforced. It provides landlords with an additional layer of security while offering a structured way for capable third parties to support tenants in securing residential properties. The agreement must comply with state-specific registration requirements and stamp duty regulations to ensure enforceability.
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1. Parties: Identifies all parties to the agreement: the Guarantor, the Landlord/Property Owner, and reference to the Tenant
2. Background: Explains the context of the guarantee, referring to the main tenancy agreement and the reason for requiring a guarantor
3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Property', 'Tenancy Agreement', etc.
4. Guarantee and Indemnity: Core section detailing the scope of the guarantee, specifically what obligations the guarantor is undertaking
5. Duration of Guarantee: Specifies how long the guarantee will remain in effect and any conditions for termination
6. Guarantor's Obligations: Detailed list of specific obligations the guarantor is committing to, including payment guarantees and performance obligations
7. Limitation of Liability: Sets out any caps or limitations on the guarantor's liability
8. Landlord's Rights and Remedies: Describes the actions the landlord can take to enforce the guarantee
9. Notices: Specifies how formal communications between parties should be made and delivered
10. Governing Law and Jurisdiction: States that Indian law governs the agreement and specifies jurisdiction for disputes
11. Execution: Space for signatures and witness details, including requirements for proper execution
1. Joint and Several Liability: Required when there are multiple guarantors, establishing that each is fully liable for the guaranteed obligations
2. Guarantor Financial Statements: Optional section requiring periodic submission of financial information, used for high-value properties or commercial crossover cases
3. Early Termination Rights: Optional provisions allowing the guarantor to terminate the guarantee under specific circumstances
4. Guarantee Fee: Required if the guarantor is charging a fee for providing the guarantee (more common in commercial contexts)
5. Assignment and Transfer: Required if either party needs the right to assign or transfer their rights under the guarantee
6. Force Majeure: Optional clause dealing with extraordinary events that might affect the guarantee obligations
7. Alternative Dispute Resolution: Optional section providing for mediation or arbitration before court proceedings
1. Schedule 1 - Main Tenancy Agreement: Copy or key details of the tenancy agreement being guaranteed
2. Schedule 2 - Property Details: Detailed description of the property including address and any specific areas covered
3. Schedule 3 - Guaranteed Amounts: Specific breakdown of the financial obligations being guaranteed
4. Appendix A - Guarantor's Statement of Assets: Required financial information from the guarantor proving their ability to meet the guarantee
5. Appendix B - Guarantor Verification Documents: Copies of ID proof, address proof, and other KYC documents of the guarantor
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