The Rent Guarantee Agreement is commonly used in the Danish real estate market to provide security for rental obligations. It is typically required when entering into new lease agreements or when a landlord requires additional security from existing tenants. The document specifies the guarantee amount (usually equivalent to several months' rent), the conditions under which the guarantee can be called upon, and the process for making claims. This agreement type is governed by Danish law and must comply with both the Danish Rent Act and financial regulations. The Rent Guarantee Agreement serves as a critical risk management tool for landlords while facilitating tenant access to rental properties when they cannot provide a cash deposit. It is particularly relevant in both commercial and residential contexts, where it helps secure the financial interests of all parties involved.
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Key Requirements PROMPT example:
Rent Guarantee Agreement
I need a Rent Guarantee Agreement for a commercial property in Copenhagen, where Danske Bank will provide a guarantee of 6 months' rent (DKK 450,000) to secure a 5-year lease starting March 1, 2025.
1. Parties: Identification of the Guarantor, the Beneficiary (typically the landlord), and the Principal Debtor (the tenant)
2. Background: Context of the guarantee, including reference to the underlying rental agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Scope of Guarantee: Clear description of the guaranteed obligations and the maximum amount covered
5. Duration: Term of the guarantee, including start date and expiry conditions
6. Guarantor's Obligations: Detailed description of the guarantor's commitments and conditions for payment
7. Demand Requirements: Process and conditions for making a claim under the guarantee
8. Payment Terms: Timeline and method for payment upon valid demand
9. Representations and Warranties: Statements of fact and assurances from the guarantor
10. Notices: Communication requirements and contact details for all parties
11. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
1. Bank Details: Required when the guarantee is provided by a financial institution
2. Counter-Indemnity: Used when the tenant provides counter-security to the guarantor
3. Assignment: Include when transfer rights need to be addressed specifically
4. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
5. Step-In Rights: Optional provisions allowing the guarantor to take over the tenant's position
6. Automatic Reduction: Include when the guarantee amount reduces over time according to a schedule
7. Tax Provisions: Required when tax implications need to be specifically addressed
1. Schedule 1 - Underlying Rental Agreement: Copy or key terms of the rental agreement being guaranteed
2. Schedule 2 - Guarantee Amount Calculation: Breakdown of how the guarantee amount was determined
3. Schedule 3 - Form of Demand: Template for making a valid demand under the guarantee
4. Schedule 4 - Property Details: Description of the rental property covered by the guarantee
5. Appendix A - Required Documents: List of documents required for making a valid claim
6. Appendix B - Contact Details: Detailed contact information for all parties and their representatives
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Banking & Financial Services
Property Management
Residential Housing
Commercial Property
Legal Services
Construction & Development
Retail
Hospitality
Relevant Teams
Legal
Real Estate
Property Management
Risk Management
Compliance
Finance
Operations
Asset Management
Leasing
Contract Administration
Relevant Roles
Property Manager
Real Estate Manager
Legal Counsel
Bank Manager
Risk Manager
Leasing Manager
Asset Manager
Compliance Officer
Real Estate Attorney
Financial Controller
Tenant Relations Manager
Property Investment Manager
Contract Administrator
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