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Lease Guarantee Agreement for Hong Kong

Lease Guarantee Agreement Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that establishes a guarantee arrangement whereby a third party (the guarantor) commits to fulfilling the tenant's obligations under a lease agreement if the tenant defaults. The agreement outlines the scope of the guarantee, the guarantor's obligations, enforcement mechanisms, and the conditions under which the guarantee can be called upon. It incorporates specific provisions compliant with Hong Kong property and contract law, including requirements under the Landlord and Tenant (Consolidation) Ordinance and related legislation.

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What is a Lease Guarantee Agreement?

The Lease Guarantee Agreement is a crucial document in Hong Kong's property leasing landscape, commonly used when additional security is required beyond the tenant's own covenant. This document is particularly relevant when tenants have limited trading history, when the lease involves significant financial commitment, or in high-value commercial property transactions. The agreement details the guarantor's obligations, including payment of rent, compliance with lease terms, and making good any tenant defaults. It must comply with Hong Kong's legal framework, particularly the Landlord and Tenant (Consolidation) Ordinance and contract law principles. The document is essential for risk management in property leasing, providing landlords with additional security while facilitating lease arrangements for tenants who might otherwise struggle to secure premium properties.

What sections should be included in a Lease Guarantee Agreement?

1. Parties: Identifies and provides full details of all parties: Landlord (beneficiary of guarantee), Tenant (principal debtor), and Guarantor

2. Background: Recitals explaining the context of the guarantee, referring to the underlying lease agreement and the reason for the guarantee

3. Definitions: Defines key terms used in the agreement, including 'Lease', 'Guaranteed Obligations', 'Tenant Covenants', etc.

4. Guarantee and Indemnity: Core section setting out the guarantee obligations and indemnity provided by the guarantor

5. Extent and Limits of Guarantee: Defines the scope of the guaranteed obligations and any limitations

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

7. Guarantor's Obligations: Details specific obligations and covenants of the guarantor

8. Preservation of Guarantee: Provisions ensuring the guarantee remains valid despite changes to the lease or tenant circumstances

9. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee

10. Payments: Terms regarding the timing, method, and currency of payments under the guarantee

11. Enforcement: Landlord's rights and procedures for enforcing the guarantee

12. Notices: Requirements for giving valid notices under the agreement

13. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction

What sections are optional to include in a Lease Guarantee Agreement?

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

2. Security: Include when additional security (such as charges over assets) is being provided alongside the guarantee

3. Step-In Rights: Optional provisions allowing the guarantor to take over the lease in certain circumstances

4. Assignment and Transfer: Include if either party needs the right to assign or transfer their rights under the guarantee

5. Costs and Expenses: Optional section detailing responsibility for costs related to preparing and enforcing the guarantee

6. Guarantee Limitations: Include when there are specific caps or limitations on the guarantor's liability

7. Corporate Guarantor Provisions: Required when the guarantor is a company, including specific corporate representations

What schedules should be included in a Lease Guarantee Agreement?

1. Schedule 1 - The Lease: Copy or key details of the underlying lease agreement being guaranteed

2. Schedule 2 - Guaranteed Obligations: Detailed list of the specific obligations being guaranteed

3. Schedule 3 - Guarantor Information: Detailed information about the guarantor, including address for service and contact details

4. Schedule 4 - Form of Demand: Template for making a formal demand under the guarantee

5. Appendix A - Corporate Authorizations: If guarantor is a company, copies of board resolutions and other corporate approvals

Authors

Alex Denne

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

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Finance Agreement

Cost

Free to use
Relevant legal definitions





































Clauses

























Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Office Space

Industrial Property

Hospitality

Banking and Finance

Corporate Services

Legal Services

Relevant Teams

Legal

Real Estate

Property Management

Operations

Risk Management

Compliance

Finance

Commercial

Facilities Management

Asset Management

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Contract Manager

Leasing Manager

Asset Manager

Property Director

Facilities Manager

Risk Manager

Commercial Director

Legal Director

Company Secretary

Chief Financial Officer

Operations Manager

Compliance Officer

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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