The Personal Guarantee Rental Agreement is commonly used in Singapore's property rental market when landlords require additional security beyond standard deposits. This document becomes particularly relevant for tenants with limited rental history, students, or in high-value property rentals. The agreement, compliant with Singapore's legal framework, typically includes detailed provisions about the guarantee's scope, duration, and enforcement mechanisms. It provides landlords with recourse to the guarantor's assets if the tenant defaults on rent payments or other obligations under the main tenancy agreement. The document must comply with Singapore's Civil Law Act requirements for guarantees and consider relevant property legislation.
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Key Requirements PROMPT example:
Personal Guarantee Rental Agreement
"I need a Personal Guarantee Rental Agreement for a high-value commercial property in Singapore, where the tenant is a new startup company and the guarantor is the company's CEO personally guaranteeing the full three-year lease term starting January 2025."
1. Parties: Identifies and defines all parties: Landlord, Tenant, and Guarantor
2. Background: Context of the guarantee arrangement and reference to main tenancy agreement
3. Definitions: Key terms used throughout the agreement including references to relevant Singapore legislation
4. Guarantee and Indemnity: Core obligations of the guarantor under Singapore law
5. Scope of Guarantee: Extent and limitations of the guarantee in accordance with Civil Law Act requirements
6. Duration: Term of the guarantee and conditions for extension or termination
7. Guarantor's Obligations: Specific duties and responsibilities of the guarantor including payment obligations
8. Enforcement: Conditions and process for enforcing the guarantee under Singapore law
1. Additional Security: Provisions for additional forms of security such as deposits or other collateral
2. Joint and Several Liability: Provisions dealing with multiple guarantors and their collective responsibilities
3. Guarantee Limit: Specific provisions capping the maximum liability under the guarantee
1. Schedule 1 - Main Tenancy Agreement: Copy or key terms of the underlying tenancy agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of obligations covered by the guarantee
3. Schedule 3 - Guarantor's Details: Complete information about the guarantor including financial status
4. Appendix A - Notice Requirements: Procedures for serving notices under the guarantee in compliance with Singapore law
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