The Personal Guarantee Form For Commercial Lease is commonly used in Singapore's commercial property market when a business entity enters into a lease agreement. This document becomes necessary when landlords seek additional security beyond the tenant company's covenant, particularly for new businesses or companies with limited trading history. It creates personal liability for the guarantor (usually a director or major shareholder) to fulfill the tenant's obligations if the tenant defaults. The document must comply with Singapore's legal framework, including the Civil Law Act and property laws, and typically includes details of the guaranteed obligations, duration of the guarantee, and enforcement mechanisms.
Personal Guarantee Form For Commercial Lease for Singapore
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Key Requirements PROMPT example:
Personal Guarantee Form For Commercial Lease
"I need a Personal Guarantee Form For Commercial Lease where my company director will guarantee our 5-year lease of a restaurant space in Singapore's Orchard Road, starting from March 2025, with a monthly rent of SGD 15,000."
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1. Parties: Identifies the guarantor, landlord, and tenant with full legal names and addresses
2. Background: Details of the primary lease agreement and context for the guarantee
3. Definitions: Key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core obligations of the guarantor
5. Scope of Guarantee: Extent and limitations of the guarantee
6. Duration: Term of the guarantee and conditions for termination
7. Execution: Signature blocks and witnessing requirements
1. Joint and Several Liability: Required when multiple guarantors are involved in the guarantee agreement
2. Corporate Authority: Required when guarantor is a corporate entity, including authorization provisions
3. Assignment and Transfer: Provisions governing rights to assign or transfer the guarantee
1. Primary Lease Agreement: Copy or key terms of the main lease being guaranteed
2. Guarantor's Statement of Assets: Optional schedule listing guarantor's assets and financial position
3. Corporate Resolution: Required for corporate guarantors, showing authority to provide guarantee
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