The Guarantor Agreement For Residential Lettings is a crucial document in Nigeria's residential property market, designed to provide additional security for landlords when letting residential properties. This agreement becomes necessary when a landlord requires extra assurance regarding a tenant's ability to meet their rental obligations, typically in situations where the tenant has limited credit history or the rent value is substantial. The document, governed by Nigerian federal and state-specific property laws, establishes legally binding obligations for a guarantor to step in and fulfill the tenant's responsibilities if they default. It includes detailed provisions about the scope of the guarantee, payment terms, enforcement procedures, and the duration of the guarantee obligation. This type of agreement has become increasingly important in Nigeria's urban centers where residential letting transactions often require additional security measures beyond standard tenant agreements.
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1. Parties: Identifies and defines all parties to the agreement: the Guarantor, the Landlord/Lessor, and reference to the Tenant
2. Background: Sets out the context of the guarantee, including reference to the main tenancy agreement and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Guarantee and Indemnity: Core section detailing the scope of the guarantee, including specific obligations being guaranteed and the nature of the guarantor's liability
5. Duration of Guarantee: Specifies how long the guarantee will last, including any conditions for termination
6. Guarantor's Obligations: Detailed list of specific obligations the guarantor is undertaking, including payment obligations and performance guarantees
7. Limitation of Liability: Defines any caps or limitations on the guarantor's liability
8. Landlord's Rights and Remedies: Sets out the rights of the landlord in enforcing the guarantee and available remedies
9. Payments: Details how and when payments should be made by the guarantor if required
10. Notices: Specifies how formal communications between parties should be made and delivered
11. General Provisions: Standard boilerplate clauses including severability, entire agreement, and governing law
12. Execution: Signature blocks and execution formalities
1. Joint Guarantors: Include when there is more than one guarantor, defining joint and several liability
2. Corporate Guarantee Provisions: Include when the guarantor is a company rather than an individual
3. Change of Parties: Include when there might be a need to address assignment or transfer of the guarantee
4. Guarantee Release Conditions: Include when specific conditions for releasing the guarantor from obligations need to be detailed
5. Financial Reporting: Include when regular financial updates from the guarantor are required
6. Foreign Currency Provisions: Include when payments might be made in multiple currencies
7. Alternative Dispute Resolution: Include when parties wish to specify mediation or arbitration procedures
1. Schedule 1 - Main Tenancy Agreement: Copy or key details of the primary tenancy agreement 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 property subject to the tenancy
4. Schedule 4 - Guarantor's Statement of Assets: Optional schedule containing guarantor's financial information and assets
5. Appendix A - Notice Forms: Standard forms for serving notices under the agreement
6. Appendix B - Payment Procedures: Detailed procedures for making payments under the guarantee
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