A Personal Guarantee Lease Agreement is commonly used in commercial and residential leasing situations where additional security is required beyond the tenant's covenant. This document is particularly relevant when dealing with new businesses, companies with limited trading history, or situations where the landlord requires extra assurance. Under English and Welsh law, the agreement must be in writing and clearly define the guarantor's obligations, including payment of rent, compliance with lease terms, and liability for damages. It serves as a crucial risk management tool for property owners while facilitating lease arrangements that might otherwise be rejected.
Personal Guarantee Lease Agreement for the United Kingdom
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Key Requirements PROMPT example:
Personal Guarantee Lease Agreement
"I need a Personal Guarantee Lease Agreement for a commercial property in Manchester, where the company director will personally guarantee a 5-year lease starting March 2025 for their startup tech company, with quarterly rent payments of £15,000."
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1. Parties: Identifies guarantor, landlord, and tenant with full legal names and addresses
2. Background: Explains context of guarantee and references main lease agreement
3. Definitions: Defines key terms used throughout the agreement
4. Guarantee and Indemnity: Core obligations of guarantor and scope of guarantee
5. Duration of Guarantee: Period of effectiveness and termination conditions
6. Guarantor's Obligations: Detailed list of specific obligations and responsibilities
7. Enforcement: Landlord's rights to enforce guarantee
1. Assignment and Transfer: Include if guarantee might be transferred or if lease might be assigned
2. Multiple Guarantors: Include if more than one guarantor is involved
3. Limitation of Liability: Include if specific caps on liability are agreed
4. Step-in Rights: Include if guarantor has right to take over lease
1. Main Lease: Copy or summary of the main lease being guaranteed
2. Guaranteed Obligations: Detailed list of specific obligations being guaranteed
3. Property Details: Description of property subject to the lease
4. Financial Information: Details of rent, service charges, and other financial obligations
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