The Rental Guarantee Form is a crucial document in Nigerian property transactions, designed to provide landlords with additional security for their rental arrangements. This document becomes necessary when a property owner requires assurance beyond the tenant's personal covenant, typically in situations involving new tenants, students, or corporate leases. The form, governed by Nigerian federal and state property laws, establishes a legally binding commitment from a third party (the guarantor) to fulfill the tenant's obligations if they default. It includes detailed provisions about the scope of the guarantee, payment terms, enforcement mechanisms, and the duration of the guarantee, while ensuring compliance with local tenancy laws and regulations. The document 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: Identification of all parties: Guarantor, Tenant (Principal Debtor), and Landlord (Beneficiary), including full legal names, addresses, and contact details
2. Background: Context of the guarantee, referring to the principal tenancy agreement and establishing the purpose of the guarantee
3. Definitions: Clear definitions of key terms used throughout the document, including 'Guaranteed Obligations', 'Property', 'Rental Period', and 'Default'
4. Guarantee and Indemnity: Core section detailing the scope and extent of the guarantee, including the guarantor's obligations and maximum liability
5. Duration of Guarantee: Specification of when the guarantee begins and ends, including any renewal or extension provisions
6. Guarantor's Obligations: Detailed list of specific obligations the guarantor is undertaking, including prompt payment and performance guarantees
7. Enforcement: Procedures and conditions under which the guarantee can be enforced by the landlord
8. Guarantor's Representations: Confirmations and warranties from the guarantor regarding their capacity and authority to provide the guarantee
9. Notices: Requirements for how formal communications between parties should be made and delivered
10. Governing Law: Specification that Nigerian law governs the agreement and relevant jurisdiction details
1. Multiple Guarantors: Additional provisions for when there is more than one guarantor, including joint and several liability
2. Corporate Guarantor: Specific provisions required when the guarantor is a company rather than an individual
3. Guarantee Limit: Section specifying a cap on the guarantor's liability, if applicable
4. Additional Security: Provisions for any additional security measures provided alongside the guarantee
5. Step-In Rights: Optional provisions allowing the guarantor to take over the tenancy in case of tenant default
6. Dispute Resolution: Alternative dispute resolution procedures if parties wish to specify mediation or arbitration before court proceedings
1. Schedule 1 - Property Details: Detailed description of the rental property including address and any specific inclusions/exclusions
2. Schedule 2 - Guaranteed Obligations: Itemized list of all obligations being guaranteed, including rental amounts, payment schedules, and other financial commitments
3. Schedule 3 - Guarantor's Statement of Assets: Optional schedule containing the guarantor's declaration of financial position
4. Appendix A - Principal Tenancy Agreement: Copy or key terms of the underlying tenancy agreement being guaranteed
5. Appendix B - Guarantor's Identity Documents: Copies of required identification documents for the guarantor
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