The Guarantor Tenancy Agreement is a vital legal instrument in Nigerian property transactions, commonly used when additional security is required beyond a standard tenancy agreement. This document is particularly relevant in situations where landlords seek extra assurance regarding a tenant's ability to meet their financial obligations, such as in high-value properties, commercial leases, or when dealing with tenants who may have limited credit history or are new to the rental market. The agreement comprehensively outlines the roles and responsibilities of all parties involved, with specific attention to Nigerian legal requirements and local property practices. It incorporates key provisions from relevant Nigerian legislation, including the Recovery of Premises Act and state-specific tenancy laws, while providing clear mechanisms for enforcement and dispute resolution.
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1. Parties: Identifies and provides full details of the Landlord, Tenant, and Guarantor
2. Background: Sets out the context of the agreement, including the property details and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement
4. Term of Tenancy: Specifies the duration of the tenancy agreement
5. Rent and Payment Terms: Details the rent amount, payment schedule, and method of payment
6. Guarantor's Obligations: Comprehensive listing of the guarantor's responsibilities and extent of liability
7. Scope of Guarantee: Defines the exact extent and limitations of the guarantee
8. Tenant's Obligations: Lists all responsibilities and obligations of the tenant
9. Landlord's Obligations: Outlines the landlord's duties and responsibilities
10. Property Use and Maintenance: Specifies conditions for property use and maintenance responsibilities
11. Default and Remedies: Explains what constitutes default and the available remedies
12. Termination: Conditions and procedures for terminating the agreement
13. Notices: Specifies how formal communications between parties should be made
14. Governing Law: Confirms Nigerian law as governing law and relevant jurisdiction
1. Multiple Guarantors: Required when there is more than one guarantor, defining joint and several liability
2. Guarantor's Death or Bankruptcy: Special provisions for handling guarantor's death or bankruptcy scenarios
3. Property Insurance: Include when specific insurance requirements are placed on any party
4. Subletting Provisions: Include if subletting is allowed or specifically prohibited
5. Rent Review: Include if there are provisions for periodic rent reviews during the term
6. Language Declaration: Required when any party requires translation or is protected under the Illiterates Protection Act
7. Break Clause: Optional provision allowing early termination under specific circumstances
1. Schedule 1 - Property Details: Detailed description of the property including boundaries and included fixtures/fittings
2. Schedule 2 - Rent Schedule: Detailed breakdown of rent payments, due dates, and payment methods
3. Schedule 3 - Inventory: Complete inventory of furnishings and their condition at the start of tenancy
4. Schedule 4 - Special Conditions: Any special terms or conditions agreed between the parties
5. Appendix A - Guarantor's Statement of Assets: Financial information provided by the guarantor to demonstrate ability to meet obligations
6. Appendix B - Property Photos: Photographic evidence of property condition at commencement of tenancy
7. Appendix C - Required Certificates: Copies of relevant safety certificates and property documentation
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