The Guarantor Lease Agreement is a crucial document in Nigerian property transactions where additional security is required beyond the tenant's own covenant. This document is commonly used when letting properties to individuals or businesses who may have limited trading history, insufficient credit record, or where the lease value warrants additional security. The agreement complies with Nigerian contract law and property regulations, establishing a legally binding commitment from a guarantor (often an individual, company, or bank) to fulfill the tenant's obligations if they default. The document typically includes detailed provisions about the scope of the guarantee, enforcement mechanisms, and the duration of the guarantee obligation. A well-drafted Guarantor Lease Agreement is essential for protecting the landlord's interests while facilitating property access for tenants who might otherwise be unable to secure a lease.
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1. Parties: Identifies and provides full details of the Landlord, Tenant, and Guarantor
2. Background: Explains the context of the agreement, including the intent to lease the property and the requirement for a guarantee
3. Definitions: Defines key terms used throughout the agreement
4. The Guarantee: Sets out the fundamental guarantee obligations and scope of the guarantor's liability
5. Property Details: Describes the leased property and its boundaries
6. Lease Terms: Specifies the duration, rent amount, and payment terms of the lease
7. Guarantor's Obligations: Details the specific obligations and extent of the guarantor's liability
8. Landlord's Rights and Remedies: Outlines the landlord's rights in case of default by either tenant or guarantor
9. Duration of Guarantee: Specifies how long the guarantee remains in effect and any conditions for termination
10. Tenant's Covenants: Lists the tenant's obligations that are being guaranteed
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
1. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
2. Guarantee Limit: Used when the guarantee is capped at a specific amount rather than being unlimited
3. Property Use Restrictions: Included when there are specific restrictions on how the property may be used
4. Insurance Requirements: Added when specific insurance obligations are imposed on the tenant and guaranteed by the guarantor
5. Assignment and Subletting: Included when the agreement needs to address the possibility of assignment or subletting
6. Guarantee Release Conditions: Used when specific conditions for releasing the guarantor need to be detailed
7. Step-in Rights: Required when the guarantor is given the right to take over the lease in case of tenant default
1. Schedule 1 - Property Description: Detailed description of the property including plans, maps, or photographs
2. Schedule 2 - Rent Payment Schedule: Breakdown of rent payments, including amounts and due dates
3. Schedule 3 - Guaranteed Obligations: Comprehensive list of tenant obligations covered by the guarantee
4. Schedule 4 - Property Inventory: List of fixtures, fittings, and contents included in the lease
5. Schedule 5 - Property Condition Report: Detailed report on the condition of the property at lease commencement
6. Appendix A - Guarantor's Statement of Assets: Financial information provided by the guarantor to demonstrate ability to meet obligations
7. Appendix B - Required Forms of Notice: Template forms for various notices required under the agreement
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