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Personal Guarantee Lease Agreement

Personal Guarantee Lease Agreement Template for Canada

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Key Requirements PROMPT example:

Personal Guarantee Lease Agreement

"I need a Personal Guarantee Lease Agreement for a high-value commercial property in Ontario, with three guarantors jointly securing a 5-year lease starting March 2025, including provisions for quarterly financial reporting from each guarantor."

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Document background
The Personal Guarantee Lease Agreement is essential in situations where additional security is required beyond a standard lease agreement in Canada. This document is commonly used when leasing to individuals or entities with limited credit history, students, new businesses, or in high-value lease arrangements. The agreement provides landlords with additional security by having a third party guarantee the tenant's obligations under the lease. It must comply with provincial property laws, the Statute of Frauds, and relevant consumer protection legislation. The document typically includes detailed sections on the scope of guarantee, enforcement mechanisms, and the rights and obligations of all parties. This type of agreement is particularly relevant in today's market where landlords seek additional assurance of lease performance while maintaining compliance with Canadian legal requirements.
Suggested Sections

1. Parties: Identifies and provides full legal names and addresses of all parties: Landlord, Tenant, and Guarantor

2. Background: Explains the context of the agreement, including the existence of the lease and the requirement for a guarantee

3. Definitions: Defines key terms used throughout the agreement, including 'Lease,' 'Guaranteed Obligations,' and 'Event of Default'

4. Scope of Guarantee: Details the extent of the guarantor's obligations and liabilities under the agreement

5. Primary Obligations: Establishes the guarantor's primary responsibilities and commitment to guarantee the tenant's obligations

6. Duration of Guarantee: Specifies the time period for which the guarantee remains in effect

7. Guarantor's Representations and Warranties: Statements confirming the guarantor's capacity and authority to enter into the agreement

8. Rights of the Landlord: Outlines the landlord's rights in enforcing the guarantee and seeking remedy

9. Notice Requirements: Specifies how and when notices must be given between parties

10. Enforcement: Details the process and conditions for enforcing the guarantee

11. Governing Law and Jurisdiction: Specifies that Canadian law governs the agreement and identifies the relevant jurisdiction

12. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Joint and Several Liability: Required when there are multiple guarantors, establishing their joint and individual responsibility

2. Limitation of Liability: Used when the guarantee is to be capped at a specific amount or limited in scope

3. Guarantor Financial Disclosure: Required when ongoing financial disclosure from the guarantor is needed

4. Independent Legal Advice: Recommended when there's a need to confirm the guarantor has received independent legal counsel

5. Guarantee Release Conditions: Used when specific conditions for releasing the guarantor from obligations need to be detailed

6. Assignment and Transfer: Required when the agreement needs to address the possibility of assignment of lease or guarantee rights

7. Digital Execution: Required when electronic signing of the agreement is contemplated

Suggested Schedules

1. Schedule A - Original Lease Agreement: Copy of the lease agreement being guaranteed

2. Schedule B - Guarantor's Financial Statement: Current financial information of the guarantor if required

3. Schedule C - Guaranteed Obligations: Detailed list of specific obligations being guaranteed if not fully covered in main agreement

4. Schedule D - Property Details: Description of the leased property and any specific conditions related to it

5. Appendix 1 - Notice Forms: Template forms for various notices required under the agreement

6. Appendix 2 - Certificate of Independent Legal Advice: If required, confirmation that guarantor received independent legal advice

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Real Estate

Property Management

Residential Housing

Commercial Property

Student Housing

Retail

Office Space

Industrial Property

Multi-family Housing

Senior Living

Relevant Teams

Legal

Real Estate

Property Management

Leasing

Risk Management

Compliance

Operations

Asset Management

Administrative

Contract Management

Relevant Roles

Property Manager

Leasing Manager

Real Estate Attorney

Legal Counsel

Property Administrator

Asset Manager

Lease Administrator

Risk Manager

Compliance Officer

Real Estate Agent

Commercial Leasing Officer

Housing Coordinator

Tenant Relations Manager

Portfolio Manager

Operations Director

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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