The Commercial Lease Guaranty is a crucial document in Nigerian commercial real estate transactions where additional security is required for a lease agreement. It is typically used when a landlord requires extra assurance beyond the tenant's own covenant, such as when dealing with new businesses, companies with limited trading history, or high-value commercial properties. The guarantee provides the landlord with recourse to a third party (usually a parent company, director, or financially stable entity) in case of tenant default. The document must comply with Nigerian contract law principles, including the Contract Act of 1958 and relevant property legislation. It should clearly define the guaranteed obligations, duration, enforcement mechanisms, and include all necessary provisions to ensure its enforceability in Nigerian courts. The document is particularly important in major commercial centers like Lagos, Abuja, and Port Harcourt, where high-value commercial lease transactions are common.
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1. Parties: Identification of the Guarantor, Landlord (Beneficiary), and Tenant, including full legal names and addresses
2. Background: Recitals explaining the context of the guarantee, reference to the main lease agreement, and the parties' intention to enter into this guarantee
3. Definitions: Definitions of key terms used throughout the guarantee agreement, including 'Guaranteed Obligations', 'Lease', 'Premises', and 'Term'
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including scope of guaranteed payments and performance
5. Duration of Guarantee: Specification of when the guarantee becomes effective and when it terminates
6. Nature of Guarantee: Establishes that the guarantee is continuing, irrevocable, and unconditional
7. Guarantor's Obligations: Detailed listing of specific obligations and responsibilities of the guarantor
8. Preservation of Rights: Landlord's rights preservation and circumstances that don't discharge the guarantee
9. Payments: Payment terms, timing, and method of payment under the guarantee
10. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial ability to provide the guarantee
11. Enforcement: Conditions and procedures for enforcing the guarantee
12. Notices: Requirements and procedures for serving notices under the guarantee
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Step-In Rights: Optional provisions allowing guarantor to take over the lease in case of tenant default - include when guarantor is a corporate entity
2. Security: Additional security provisions such as charges over assets - include when additional security is being provided
3. Assignment and Transfer: Provisions regarding the ability to assign or transfer the guarantee - include when parties want transferability
4. Corporate Authorizations: Specific corporate authority provisions - include when guarantor is a company
5. Multiple Guarantors: Joint and several liability provisions - include when there is more than one guarantor
6. Limitation of Liability: Caps or limitations on guarantee amount - include when parties agree to specific liability limits
7. Force Majeure: Provisions for extraordinary events affecting performance - include for long-term or high-value guarantees
1. Schedule 1 - The Lease: Copy or key details of the underlying lease agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of specific obligations being guaranteed
3. Schedule 3 - Property Details: Description and details of the leased premises
4. Appendix A - Corporate Authorization Documents: Copies of relevant corporate authorizations (if guarantor is a company)
5. Appendix B - Payment Terms: Detailed payment procedures and bank account details
6. Appendix C - Form of Demand: Standard form for making demands under the guarantee
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