A Lease Contract Guaranty is a crucial security instrument in the Indian real estate market, commonly used when landlords require additional assurance of lease obligation fulfillment. This document becomes particularly relevant in commercial leasing scenarios where the tenant is a newly established company, has limited credit history, or where the lease value is substantial. The guarantee, governed by Indian law, particularly the Indian Contract Act, 1872, creates a legally binding commitment from a third party (often a parent company, director, or financially stable entity) to assume responsibility for the tenant's obligations if they default. The document specifies the extent of the guarantee, conditions for enforcement, and duration of the obligation, providing landlords with a secondary source of recourse while facilitating lease arrangements that might otherwise be considered too risky.
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1. Parties: Identifies and provides full details of all parties: the Guarantor(s), the Landlord/Lessor (beneficiary of the guarantee), and the Tenant/Lessee (principal debtor)
2. Background: Recitals explaining the context of the guarantee, including reference to the main lease agreement and the requirement for a guarantee
3. Definitions: Defines key terms used throughout the document, including 'Guaranteed Obligations', 'Lease Agreement', 'Term', and other relevant terms
4. Guarantee and Indemnity: Core section detailing the scope of the guarantee, including both the guarantee and indemnity obligations
5. Extent and Limit of Guarantee: Specifies the maximum liability of the guarantor and any limitations on the guarantee
6. Duration of Guarantee: Specifies how long the guarantee remains in force and any conditions for termination
7. Guarantor's Obligations: Details specific obligations of the guarantor, including payment obligations and performance guarantees
8. Preservation of Rights: Outlines circumstances that don't affect the validity of the guarantee, such as amendments to the lease or time given to the tenant
9. Representations and Warranties: Guarantor's confirmations about their capacity and authority to provide the guarantee
10. Enforcement and Remedies: Specifies when and how the guarantee can be enforced and available remedies
11. Notices: Details how formal communications between parties should be made and delivered
12. Governing Law and Jurisdiction: Specifies Indian law as governing law and determines jurisdiction for disputes
1. Multiple Guarantors: Required when there is more than one guarantor, specifying joint and several liability
2. Collateral Security: Include when the guarantor provides additional security or collateral to support the guarantee
3. Step-In Rights: Include when the guarantor has the right to take over the lease in case of tenant default
4. Payment Mechanics: Detailed payment procedures, necessary when specific payment arrangements are required
5. Financial Covenants: Include when the guarantor must maintain certain financial metrics or conditions
6. Assignment and Transfer: Required when either party needs the right to assign or transfer their rights under the guarantee
1. Schedule 1 - Lease Agreement Details: Copy or summary of the main lease terms being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of specific obligations covered by the guarantee
3. Schedule 3 - Property Details: Description and details of the leased property
4. Schedule 4 - Guarantor Information: Detailed information about the guarantor including financial statements or proof of financial capacity
5. Schedule 5 - Form of Demand: Template for making a demand under the guarantee
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