The Personal Guarantee Rental Agreement is a crucial document in the Malaysian property rental market, designed to provide landlords with additional security for their rental property. It is commonly used when a tenant's creditworthiness or financial status requires supplementary assurance, such as in cases of student rentals, first-time tenants, or high-value property leases. The document, governed by Malaysian law including the Contracts Act 1950 and related legislation, establishes a legally binding commitment from a guarantor to fulfill the tenant's obligations if they fail to do so. This includes not only rental payments but typically extends to other lease obligations such as property maintenance and damage compensation. The agreement specifies the extent of the guarantee, duration, enforcement mechanisms, and the precise circumstances under which the guarantor's obligations are triggered, providing a comprehensive security framework for rental arrangements in Malaysia.
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1. Parties: Identifies all parties: Landlord, Tenant, and Guarantor with their full legal names and addresses
2. Background: Explains the context of the agreement, including the tenant's desire to rent the property and the landlord's requirement for a guarantee
3. Definitions: Defines key terms used throughout the agreement including Property, Rental Period, Rental Amount, Security Deposit, etc.
4. Principal Agreement Reference: References and incorporates the main tenancy agreement that this guarantee supports
5. Guarantee and Indemnity: Core section detailing the guarantor's obligations and the extent of the guarantee
6. Duration of Guarantee: Specifies how long the guarantee remains in effect and any conditions for termination
7. Guarantor's Obligations: Lists specific obligations and responsibilities of the guarantor, including payment terms and conditions
8. Enforcement and Remedies: Details the landlord's rights and remedies if the guarantee needs to be enforced
9. Landlord's Rights and Protections: Outlines the landlord's rights in relation to the guarantee and ability to assign or transfer rights
10. Notices: Specifies how formal communications between parties should be made and delivered
11. Governing Law and Jurisdiction: Confirms Malaysian law governs the agreement and specifies jurisdiction for disputes
12. Execution: Formal signing section with space for signatures, witnesses, and dates
1. Joint and Several Liability: Required when there are multiple guarantors, establishing that each is fully responsible for the guaranteed obligations
2. Guarantee Limit: Optional cap on the guarantor's liability, if agreed between parties
3. Change of Circumstances: Addresses how changes in the tenant's or guarantor's circumstances affect the guarantee
4. Corporate Guarantor Provisions: Required when the guarantor is a company rather than an individual
5. Step-In Rights: Optional rights for guarantor to take over the tenancy in case of tenant default
6. Independent Legal Advice: Confirmation that the guarantor has received independent legal advice, recommended for high-value rentals
1. Schedule 1 - Property Details: Detailed description of the rental property including address and specific inclusions
2. Schedule 2 - Rental Terms: Details of rent amount, payment schedule, and any review mechanisms
3. Schedule 3 - Guaranteed Obligations: Comprehensive list of all obligations covered by the guarantee
4. Schedule 4 - Guarantor's Details: Full details of guarantor including employment, assets, and contact information
5. Appendix A - Main Tenancy Agreement: Copy of the principal tenancy agreement being guaranteed
6. Appendix B - Guarantor's Statement of Assets: Optional declaration of guarantor's financial position
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