The Commercial Lease Guaranty Form is essential in Nigerian commercial property transactions where additional security is required for lease obligations. It is commonly used when leasing to new businesses, companies with limited trading history, or where the landlord requires extra assurance of rent payment and lease compliance. The document, governed by Nigerian federal and state property laws, establishes a legally binding commitment from a guarantor (often a parent company, director, or related entity) to fulfill the tenant's obligations if they default. The guarantee typically covers rent payments, service charges, repair obligations, and other lease covenants. This form is particularly important in major Nigerian commercial centers where high-value lease transactions require robust security arrangements.
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1. Parties: Identification of all parties: Landlord (Beneficiary), Tenant (Principal Debtor), and Guarantor
2. Background: Context of the guarantee, including reference to the main lease agreement
3. Definitions: Key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section detailing the guarantor's obligations and the scope of the guarantee
5. Duration of Guarantee: Period of effectiveness and conditions for termination of the guarantee
6. Guarantor's Obligations: Specific obligations including payment, performance, and indemnification commitments
7. Preservation of Guarantor's Liability: Circumstances under which the guarantee remains valid despite changes to the lease or parties
8. Landlord's Rights: Powers and remedies available to the landlord under the guarantee
9. Payment Provisions: Terms regarding timing, method, and currency of payments
10. Representations and Warranties: Guarantor's confirmations regarding capacity and authority
11. Enforcement: Procedures and conditions for enforcing the guarantee
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Specification of Nigerian law and relevant jurisdiction
1. Corporate Authority: Required when guarantor is a company, including details of board resolutions and corporate capacity
2. Joint and Several Liability: Required when there are multiple guarantors
3. Security Provisions: Optional section for any additional security provided by the guarantor
4. Step-In Rights: Optional provisions allowing guarantor to take over the lease in case of tenant default
5. Limited Liability Provisions: Optional caps or limitations on guarantor's liability if agreed
6. Assignment and Transfer: Optional provisions regarding the transfer of guarantee rights or obligations
7. Force Majeure: Optional provisions for extraordinary circumstances affecting guarantee obligations
1. Schedule 1: Principal Lease Details: Summary of the main commercial lease terms being guaranteed
2. Schedule 2: Guaranteed Obligations: Detailed list of specific obligations covered by the guarantee
3. Schedule 3: Property Details: Description and details of the leased commercial property
4. Schedule 4: Guarantor Information: Detailed information about the guarantor including financial status
5. Schedule 5: Form of Demand: Template for making demands under the guarantee
6. Appendix A: Copy of Lease Agreement: Attached copy of the principal lease agreement being guaranteed
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