The Guarantor Lease Agreement is a crucial document in Canadian residential and commercial leasing arrangements where additional financial security is required beyond the tenant's own covenant. This type of agreement is commonly used in situations involving student rentals, first-time renters, small business tenants, or when a tenant's credit history or financial status doesn't meet the landlord's requirements. The document establishes a legally binding commitment from a third party (the guarantor) to assume responsibility for the tenant's obligations under the lease if the tenant fails to perform them. The agreement must comply with provincial residential tenancy laws, contract law principles, and relevant consumer protection legislation. It typically includes comprehensive details about the scope of the guarantee, enforcement procedures, and the specific obligations being guaranteed.
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1. Parties: Identifies and provides full legal names and addresses of all parties: Landlord, Tenant, and Guarantor
2. Background: Explains the context of the agreement, including reference to the main lease agreement and the need for a guarantor
3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Lease Agreement', and 'Term'
4. Guarantee: Sets out the core guarantee provisions, including the scope of the guarantee and the guarantor's obligations
5. Guarantor's Representations and Warranties: Statements by the guarantor about their capacity and authority to provide the guarantee
6. Duration of Guarantee: Specifies how long the guarantee remains in effect and any conditions for termination
7. Nature of Guarantee: Establishes whether the guarantee is continuing, irrevocable, and/or unconditional
8. Enforcement: Describes the circumstances under which the guarantee can be enforced and the process for doing so
9. Payments: Details how and when payments must be made by the guarantor when the guarantee is called upon
10. Landlord's Rights: Outlines the landlord's rights in relation to both the tenant and guarantor
11. Notices: Specifies how formal communications between parties should be made and delivered
12. Governing Law: Specifies that the agreement is governed by Canadian law and the applicable province
13. Execution: Signature blocks for all parties and witness requirements
1. Joint and Several Liability: Required when there are multiple guarantors, establishing that each is fully responsible for the guaranteed obligations
2. Guarantee Limit: Used when the guarantee is capped at a specific amount rather than covering all obligations
3. Guarantor Financial Statements: Required when periodic financial disclosure from the guarantor is needed
4. Assignment and Transfer: Needed when the agreement allows for assignment of the guarantee or the underlying lease
5. Guarantee Release Conditions: Included when specific conditions for releasing the guarantor are agreed upon
6. Digital Execution: Required when the agreement may be signed electronically
1. Schedule A - Primary Lease Agreement: Copy of the main lease agreement being guaranteed
2. Schedule B - Guarantor Financial Information: Financial details provided by the guarantor to support their capacity to guarantee
3. Schedule C - Guaranteed Obligations: Detailed list of all obligations covered by the guarantee
4. Appendix 1 - Guarantee Enforcement Procedure: Step-by-step process for enforcing the guarantee
5. Appendix 2 - Notice Requirements: Detailed requirements for various types of notices under the agreement
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