The Rent Guarantee Agreement serves as a crucial security instrument in Austrian lease transactions, providing landlords with additional protection against tenant default. This document is typically required when a landlord seeks extra security beyond a standard deposit, or when a tenant's financial standing necessitates additional assurance. The agreement must comply with Austrian legal requirements, particularly the ABGB and Mietrechtsgesetz, and includes specific provisions regarding the guarantee amount, duration, and enforcement mechanisms. It's commonly used in both commercial and residential contexts, though the terms and conditions may vary significantly between these applications. The Rent Guarantee Agreement becomes especially important in high-value commercial leases or situations where the tenant's financial history or status warrants additional security measures.
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1. Parties: Identification of all parties: Guarantor, Landlord (beneficiary of the guarantee), and reference to the Tenant
2. Background: Context of the guarantee, including reference to the underlying lease agreement and the reason for the guarantee
3. Definitions: Definition of key terms used throughout the agreement, including 'Guaranteed Obligations', 'Lease Agreement', and 'Guarantee Period'
4. Guarantee: Core section detailing the scope and nature of the guarantee obligation, maximum amount, and duration
5. Guarantor's Undertakings: Specific commitments and obligations of the guarantor, including payment terms and conditions
6. Independent Obligation: Clarification that the guarantee is an independent obligation from the lease agreement
7. Duration and Release: Terms regarding how long the guarantee remains in effect and conditions for its release
8. Payment Mechanism: Process and timing for making payments under the guarantee when called upon
9. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
10. Notices: Communication procedures between parties, including methods and addresses for notices
11. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
1. Multiple Guarantors: Section required when there is more than one guarantor, defining joint and several liability
2. Corporate Authority: Additional representations needed when the guarantor is a corporate entity
3. Currency Provisions: Required when the rent payments are in a currency other than Euro
4. Step-In Rights: Optional provisions allowing the guarantor to take over the lease in case of tenant default
5. Consumer Protection Declarations: Required when the guarantor is a consumer under Austrian law
6. Bank Guarantee Alternative: Optional section allowing for replacement of personal guarantee with bank guarantee
7. Limitation of Liability: Optional cap on guarantor's liability beyond the basic rent guarantee
1. Schedule 1 - Lease Agreement: Copy or key terms of the underlying lease agreement being guaranteed
2. Schedule 2 - Guarantee Amount Calculation: Detailed calculation of the maximum guarantee amount
3. Schedule 3 - Form of Demand: Template for making a formal demand under the guarantee
4. Schedule 4 - Corporate Authority Documents: If applicable, corporate resolutions or powers of attorney authorizing the guarantee
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