The Deed of Guarantee for Tenancy is commonly used in Singapore's property market when landlords require additional security beyond the tenant's covenant. This document is particularly relevant when tenants have limited credit history or when the rental value is significant. The deed typically includes detailed provisions about the scope of the guarantee, the guarantor's obligations, and enforcement mechanisms. It must be properly executed in accordance with Singapore law requirements for deeds, including witnessing and sealing where applicable. This document provides landlords with a robust legal mechanism to protect their interests while facilitating rental arrangements that might otherwise not be possible.
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Key Requirements PROMPT example:
Deed Of Guarantee For Tenancy
"I need a Deed of Guarantee for Tenancy for my commercial property in Singapore, where the tenant is a new startup company and their director will act as personal guarantor for a 3-year lease starting January 2025."
1. Parties: Details of the Guarantor, Landlord, and Tenant
2. Background: Context of the tenancy agreement and need for guarantee
3. Definitions: Key terms used throughout the deed
4. Guarantee and Indemnity: Core obligations of the guarantor
5. Duration of Guarantee: Period for which the guarantee remains valid
6. Guarantor's Obligations: Specific responsibilities and commitments of the guarantor
7. Execution: Formal signing requirements and witness details
1. Joint and Several Liability: Required when multiple guarantors are involved in the guarantee deed
2. Foreign Currency Provisions: Provisions for handling payments in foreign currency when dealing with international tenants
3. Corporate Guarantor Provisions: Additional provisions specific to cases where the guarantor is a company rather than an individual
1. Schedule 1 - Principal Tenancy Agreement: Copy or details of the main tenancy agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of obligations covered by the guarantee
3. Appendix A - Property Details: Specific details of the property under tenancy
4. Appendix B - Guarantor's Personal Information: Required personal or corporate information of the guarantor
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