The Personal Guarantee Form For Commercial Lease is a critical document in New Zealand's commercial property sector, commonly used when a landlord requires additional security beyond the tenant company's covenant. This typically occurs when leasing to new businesses, companies with limited trading history, or where the tenant's financial strength needs supplementing. The guarantee creates a direct obligation between the guarantor (often a company director or shareholder) and the landlord, ensuring the landlord has recourse to the guarantor's personal assets if the tenant defaults on their lease obligations. The document must comply with New Zealand's Property Law Act 2007 and Contract and Commercial Law Act 2017, and typically includes detailed provisions about the scope of guaranteed obligations, enforcement mechanisms, and the continuing nature of the guarantee.
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1. Parties: Identifies the guarantor(s), the landlord (beneficiary of the guarantee), and references to the tenant
2. Background: Explains the context of the guarantee, including reference to the main lease agreement and the relationship between the guarantor and tenant
3. Definitions: Defines key terms used in the guarantee including 'Guaranteed Obligations', 'Lease', 'Premises', and other relevant terms
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including both the guarantee and indemnity provisions
5. Extent of Guarantee: Specifies the scope and limitations of the guarantee obligations
6. Continuing Security: Establishes that the guarantee remains in force until all obligations are fulfilled
7. Guarantor's Obligations: Details specific obligations and responsibilities of the guarantor
8. Landlord's Rights: Outlines the rights of the landlord in enforcing the guarantee
9. Payments: Specifies how and when payments must be made under the guarantee
10. Representations and Warranties: Guarantor's confirmations about their capacity and authority to enter into the guarantee
11. Enforcement: Procedures and rights for enforcing the guarantee
12. Execution: Formal signing section with attestation requirements
1. Security: Include when specific assets are being provided as additional security for the guarantee
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Assignment and Transfer: Include when rights under the guarantee may need to be assigned or transferred
4. Guarantee Limit: Include when the guarantee is to be capped at a specific amount
5. Corporate Guarantor Provisions: Include when the guarantor is a company rather than an individual
6. Independent Legal Advice: Include when there's a requirement for the guarantor to obtain independent legal advice
7. Financial Reporting: Include when ongoing financial disclosure from the guarantor is required
1. Schedule 1 - Details of the Lease: Key information about the underlying lease including property details, term, and rent
2. Schedule 2 - Guarantor Details: Detailed information about the guarantor(s) including contact details and address for service
3. Schedule 3 - Guaranteed Obligations: Detailed list of the specific obligations being guaranteed
4. Appendix A - Independent Legal Advice Certificate: Certificate from a lawyer confirming independent legal advice has been given to the guarantor
5. Appendix B - Copy of Lease Agreement: Attached copy of the underlying lease agreement being guaranteed
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