The Guaranty of Lease Agreement is commonly used in Singapore when landlords require additional security beyond the tenant's covenant. This typically occurs when leasing to new businesses, companies with limited trading history, or when the lease value is significant. The document establishes the guarantor's obligations, the scope of the guarantee, and the circumstances under which it can be enforced. Under Singapore law, such guarantees must be in writing and clearly define the guaranteed obligations, making this formal agreement essential for protecting the landlord's interests.
Guaranty Of Lease Agreement for Singapore
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Key Requirements PROMPT example:
Guaranty Of Lease Agreement
"Need a Guaranty of Lease Agreement for our Singapore office space where ABC Corporation will act as guarantor for XYZ Startup's 3-year lease starting March 2025, with a focus on protecting our interests regarding rent payments and property maintenance obligations."
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1. Parties: Identification of guarantor, landlord, and tenant with their full legal names and addresses
2. Background: Context of the lease agreement and explanation of why the guarantee is being provided
3. Definitions: Key terms used throughout the document including 'Lease', 'Guaranteed Obligations', 'Property'
4. Guarantee and Indemnity: Core obligations of the guarantor including primary guarantee and indemnity provisions
5. Duration of Guarantee: Term of the guarantee and conditions for termination or continuation
6. Guarantor's Obligations: Detailed list of guarantor's responsibilities and commitments under the guarantee
7. Enforcement: Rights and remedies available to the landlord to enforce the guarantee
1. Joint and Several Liability: Provisions specifying joint and several liability when multiple guarantors are involved
2. Corporate Guarantor Provisions: Special provisions applicable when the guarantor is a corporate entity
3. Assignment and Transfer: Provisions governing the assignment or transfer of rights under the guarantee
1. Schedule 1 - Primary Lease Agreement: Copy or summary of the main lease agreement being guaranteed
2. Schedule 2 - Guarantor's Details: Detailed information about the guarantor including financial status and capacity
3. Schedule 3 - Guaranteed Obligations: Comprehensive list of obligations being guaranteed under the agreement
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