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Guarantor Lease Agreement

Guarantor Lease Agreement Template for Nigeria

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Key Requirements PROMPT example:

Guarantor Lease Agreement

"I need a Guarantor Lease Agreement for a commercial property in Lagos, Nigeria, where a parent company will act as guarantor for its subsidiary's 5-year lease starting March 2025, with specific step-in rights for the parent company in case of default."

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Document background
The Guarantor Lease Agreement is a crucial document in Nigerian property transactions where additional security is required beyond the tenant's own covenant. This document is commonly used when letting properties to individuals or businesses who may have limited trading history, insufficient credit record, or where the lease value warrants additional security. The agreement complies with Nigerian contract law and property regulations, establishing a legally binding commitment from a guarantor (often an individual, company, or bank) to fulfill the tenant's obligations if they default. The document typically includes detailed provisions about the scope of the guarantee, enforcement mechanisms, and the duration of the guarantee obligation. A well-drafted Guarantor Lease Agreement is essential for protecting the landlord's interests while facilitating property access for tenants who might otherwise be unable to secure a lease.
Suggested Sections

1. Parties: Identifies and provides full details of the Landlord, Tenant, and Guarantor

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

3. Definitions: Defines key terms used throughout the agreement

4. The Guarantee: Sets out the fundamental guarantee obligations and scope of the guarantor's liability

5. Property Details: Describes the leased property and its boundaries

6. Lease Terms: Specifies the duration, rent amount, and payment terms of the lease

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

8. Landlord's Rights and Remedies: Outlines the landlord's rights in case of default by either tenant or guarantor

9. Duration of Guarantee: Specifies how long the guarantee remains in effect and any conditions for termination

10. Tenant's Covenants: Lists the tenant's obligations that are being guaranteed

11. Notices: Specifies how formal communications between parties should be made

12. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes

Optional Sections

1. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability

2. Guarantee Limit: Used when the guarantee is capped at a specific amount rather than being unlimited

3. Property Use Restrictions: Included when there are specific restrictions on how the property may be used

4. Insurance Requirements: Added when specific insurance obligations are imposed on the tenant and guaranteed by the guarantor

5. Assignment and Subletting: Included when the agreement needs to address the possibility of assignment or subletting

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

7. Step-in Rights: Required when the guarantor is given the right to take over the lease in case of tenant default

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including plans, maps, or photographs

2. Schedule 2 - Rent Payment Schedule: Breakdown of rent payments, including amounts and due dates

3. Schedule 3 - Guaranteed Obligations: Comprehensive list of tenant obligations covered by the guarantee

4. Schedule 4 - Property Inventory: List of fixtures, fittings, and contents included in the lease

5. Schedule 5 - Property Condition Report: Detailed report on the condition of the property at lease commencement

6. Appendix A - Guarantor's Statement of Assets: Financial information provided by the guarantor to demonstrate ability to meet obligations

7. Appendix B - Required Forms of Notice: Template forms for various notices required under the agreement

Authors

Alex Denne

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

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Residential Property

Commercial Property

Retail

Office Space

Industrial

Healthcare

Education

Hospitality

Professional Services

Relevant Teams

Legal

Real Estate

Property Management

Risk Management

Operations

Compliance

Facilities

Commercial

Contracts

Asset Management

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Property Lawyer

Lease Administrator

Asset Manager

Facilities Manager

Risk Manager

Commercial Director

Operations Manager

Estate Agent

Letting Agent

Property Officer

Compliance Officer

Contract Manager

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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