The Rent Guarantee Agreement is a crucial document in the U.S. real estate market, used when a landlord requires additional security beyond a tenant's own financial credentials. This agreement becomes particularly relevant in situations involving first-time renters, students, small businesses, or tenants with limited credit history. The document, governed by both federal and state laws, establishes a legally binding commitment from a guarantor (often a parent, relative, or corporate entity) to assume responsibility for rent payments and other lease obligations if the primary tenant defaults. The agreement must comply with state-specific requirements regarding guarantees and real estate transactions, including statute of frauds provisions requiring written documentation. It typically includes detailed terms about the scope of the guarantee, enforcement mechanisms, and the duration of the guarantor's obligations.
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1. Parties: Identifies all parties to the agreement: the Landlord (Beneficiary), the Tenant, and the Guarantor
2. Background: Explains the context of the agreement, including reference to the underlying lease agreement
3. Definitions: Defines key terms used throughout the agreement
4. Scope of Guarantee: Details what obligations are being guaranteed (rent, damages, other charges)
5. Duration of Guarantee: Specifies how long the guarantee remains in effect
6. Guarantor's Obligations: Outlines the specific commitments and responsibilities of the guarantor
7. Landlord's Rights and Remedies: Describes the actions the landlord can take to enforce the guarantee
8. Payment Terms: Specifies when and how payments must be made under the guarantee
9. Representations and Warranties: Statements of fact and promises made by the guarantor
10. Notices: Sets out how and where formal communications between parties should be made
11. Governing Law and Jurisdiction: Specifies the applicable law and courts that will handle disputes
1. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
2. Guarantee Limit: Include when the guarantee is capped at a specific amount
3. Early Termination Rights: Optional provisions allowing the guarantor to terminate the guarantee under specific circumstances
4. Assignment and Transfer: Include when parties want to address the ability to transfer rights under the guarantee
5. Financial Reporting: Include when regular financial updates from the guarantor are required
6. Costs and Expenses: Optional section detailing responsibility for legal and enforcement costs
7. Step-In Rights: Include when the guarantor has the right to take over the tenant's lease obligations
1. Schedule 1 - Underlying Lease Agreement: Copy or key details of the lease agreement being guaranteed
2. Schedule 2 - Property Details: Description and details of the rental property
3. Schedule 3 - Guaranteed Obligations: Detailed list of specific obligations covered by the guarantee
4. Schedule 4 - Guarantor Information: Detailed information about the guarantor including financial status
5. Schedule 5 - Payment Schedule: If applicable, schedule of any regular payments or maximum liability amounts
6. Appendix A - Form of Demand: Standard form for making a demand under the guarantee
7. Appendix B - Financial Statement Requirements: If applicable, format and requirements for financial reporting
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