The Personal Guarantee Rental Agreement is a specialized legal document used in New Zealand when additional security is required for a residential tenancy. This document is commonly utilized in situations where a tenant may have limited rental history, insufficient income, or when the property value or rent is substantial. It combines standard rental agreement provisions with a personal guarantee component, ensuring that a third party (guarantor) assumes legal responsibility for the tenant's obligations if they default. The agreement must comply with New Zealand's Residential Tenancies Act 1986 and related legislation, making it suitable for both private landlords and property management companies. It's particularly common in student housing, high-end residential properties, or when renting to individuals with no local rental history.
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1. Parties: Identifies all parties: Landlord/Property Manager, Tenant(s), and Guarantor(s)
2. Background: Explains the context of the agreement, including the primary rental agreement details and need for guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core terms of the guarantee, including scope of guaranteed obligations and indemnity provisions
5. Extent of Guarantee: Details the monetary limit (if any) and duration of the guarantee
6. Guarantor's Obligations: Specific obligations and responsibilities of the guarantor
7. Nature of Guarantee: Specifies that the guarantee is continuing, irrevocable, and unconditional
8. Landlord's Rights: Rights of the landlord in relation to enforcement of the guarantee
9. Default and Enforcement: Procedures and consequences in case of default by tenant or guarantor
10. Notices: Requirements for giving notices under the agreement
11. Governing Law: Confirms New Zealand law governs the agreement
12. Execution: Signing provisions and attestation requirements
1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, including joint and several liability
2. Guarantee Limit: Section defining specific monetary limits on the guarantee, if applicable
3. Corporate Guarantor: Special provisions required when the guarantor is a company rather than an individual
4. Independent Legal Advice: Acknowledgment that the guarantor has received independent legal advice, recommended for high-value guarantees
5. Assignment and Transfer: Provisions allowing for assignment of the guarantee, if permitted
6. Dispute Resolution: Specific procedures for resolving disputes, including mediation or arbitration provisions
1. Schedule 1 - Primary Tenancy Agreement: Copy or key details of the main rental agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of all obligations covered by the guarantee
3. Schedule 3 - Guarantor's Personal Information: Required personal and contact details of the guarantor(s)
4. Appendix A - Certificate of Independent Legal Advice: If applicable, signed certificate from guarantor's legal advisor
5. Appendix B - Privacy Statement: Details on how guarantor's personal information will be collected, used, and stored
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