The Lease Guaranty Agreement is a critical security instrument in Nigerian property transactions, commonly used when additional assurance is required for a tenant's lease obligations. This document becomes necessary in situations where landlords seek extra protection beyond the tenant's covenant, particularly in high-value commercial leases or when the tenant's financial standing alone is insufficient. The agreement, governed by Nigerian law, must comply with local property laws, contract laws, and state-specific requirements. The document typically includes detailed provisions about the guarantee's scope, the guarantor's obligations, enforcement mechanisms, and the relationship between all parties. As a Lease Guaranty Agreement, it serves as a risk management tool, providing landlords with a secondary source of recovery while facilitating lease transactions that might otherwise not proceed.
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1. Parties: Identification of all parties: Guarantor(s), Landlord (beneficiary of guarantee), and Tenant (primary obligor)
2. Background: Context of the guarantee, including reference to the main lease agreement and the reason for the guarantee
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including references to the underlying lease agreement
4. Guarantee and Indemnity: Core guarantee obligations, including scope of guarantee and indemnification provisions
5. Duration of Guarantee: Term of the guarantee, including when it begins and ends, and any survival provisions
6. Guarantor's Obligations: Detailed description of guarantor's responsibilities, payment obligations, and performance requirements
7. Nature of Guarantee: Specification that this is a continuing guarantee and details about its unconditional nature
8. Preservation of Rights: Landlord's rights preservation, including ability to pursue tenant and guarantor independently
9. Payments: Payment terms, mechanisms, and requirements, including handling of partial payments
10. Representations and Warranties: Guarantor's representations about their capacity and authority to provide the guarantee
11. Enforcement: Mechanisms and conditions for enforcing the guarantee
12. Notices: Requirements and procedures for serving notices under the guarantee
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
14. Execution: Formal execution block with requirements under Nigerian law
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Corporate Guarantor Provisions: Required when the guarantor is a company, including corporate authority provisions
3. Cross-Default: Optional provisions linking this guarantee to other agreements between the parties
4. Currency Provisions: Required when payments might be made in multiple currencies
5. Assignment and Transfer: Optional section dealing with the ability to assign or transfer guarantee rights
6. Costs and Expenses: Optional detailed provisions about who bears various costs related to the guarantee
7. Force Majeure: Optional provisions dealing with extraordinary events affecting guarantee obligations
8. Registration Requirements: Required when the guarantee needs to be registered under Nigerian law
1. Schedule 1 - The Lease: Copy or key details of the underlying lease agreement
2. Schedule 2 - Guaranteed Obligations: Detailed list of the specific obligations being guaranteed
3. Schedule 3 - Property Details: Description of the leased property subject to the guarantee
4. Schedule 4 - Guarantor Information: Detailed information about the guarantor(s) including address and contact details
5. Appendix A - Form of Demand: Standard form for making demands under the guarantee
6. Appendix B - Corporate Authority Documents: Required corporate authorizations if guarantor is a company
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