The Guarantee Rental Agreement is a crucial document in Nigerian property rental transactions where additional security is required beyond the tenant's direct obligations. This document is typically used when letting high-value properties, renting to students, first-time renters, or tenants with limited credit history in Nigeria. The agreement establishes a three-way relationship between landlord, tenant, and guarantor, with the guarantor providing a legally binding commitment to fulfill the tenant's obligations if they default. The document must comply with Nigerian contract law, relevant state-specific tenancy laws, and the Recovery of Premises Act. It includes specific provisions about the scope of the guarantee, payment terms, enforcement mechanisms, and duration of the guarantee obligation. The agreement is particularly important in major Nigerian cities where rental markets are competitive and landlords seek additional security for their properties.
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1. Parties: Identifies and provides full details of the Landlord, Tenant, and Guarantor
2. Background: Explains the context of the agreement, including reference to the main tenancy agreement and the need for a guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Interpretation: Sets out rules for interpreting the agreement, including Nigerian law conventions
5. Guarantee Obligations: Details the specific obligations the Guarantor is undertaking, including scope and duration
6. Extent of Guarantee: Specifies the financial and other limits of the guarantee, including rent, damages, and other costs
7. Payment Terms: Outlines when and how the Guarantor must make payments upon default by the Tenant
8. Duration of Guarantee: Specifies how long the guarantee remains in effect and any conditions for termination
9. Guarantor's Acknowledgments: Contains specific statements the Guarantor acknowledges regarding their obligations
10. Landlord's Rights and Remedies: Details the Landlord's rights to enforce the guarantee
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law and Jurisdiction: Confirms Nigerian law applies and specifies jurisdiction for disputes
13. Execution: Signature blocks and execution formalities
1. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
2. Corporate Guarantee Provisions: Required when the guarantor is a company rather than an individual
3. Guarantee Release Conditions: Optional section specifying conditions under which the guarantor may be released
4. Assignment and Transfer: Required if the agreement allows for assignment of the guarantee rights
5. Bank Guarantee Provisions: Required when the guarantee is backed by a bank guarantee
6. Local Language Declaration: Required when any party is not fluent in English, confirming terms have been explained
7. Stamp Duty Declaration: Required in jurisdictions where stamp duty compliance needs to be explicitly stated
8. Alternative Dispute Resolution: Optional section providing for mediation or arbitration before court proceedings
1. Schedule 1 - The Property: Detailed description of the rental property including address and any specific inclusions/exclusions
2. Schedule 2 - The Tenancy Agreement: Copy or key terms of the underlying tenancy agreement being guaranteed
3. Schedule 3 - Guaranteed Obligations: Itemized list of all obligations covered by the guarantee
4. Schedule 4 - Guarantor's Details: Detailed information about the Guarantor including financial status and contact details
5. Appendix A - Payment Schedule: Details of rent payment dates and amounts covered by the guarantee
6. Appendix B - Guarantee Limit Calculation: If applicable, shows how any caps on the guarantee amount are calculated
7. Appendix C - Required Documents: List of documents provided by the Guarantor as evidence of ability to meet guarantee obligations
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