The Lease Guaranty Agreement is a crucial document in Saudi Arabian real estate transactions, providing landlords with additional security for their rental properties. This agreement becomes necessary when a landlord requires extra assurance beyond the tenant's own covenant, particularly in high-value commercial leases or when dealing with new or unestablished tenants. The document, governed by Saudi law and Sharia principles, establishes a legally binding commitment from a guarantor to fulfill the tenant's obligations under the lease if the tenant fails to do so. The agreement typically includes detailed provisions about the scope of the guarantee, enforcement mechanisms, and the guarantor's obligations, while ensuring compliance with local regulations including the Ejar system requirements.
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1. Parties: Identification of all parties involved: Guarantor(s), Landlord, and Tenant
2. Background: Context of the guarantee, including reference to the main lease agreement
3. Definitions: Key terms used throughout the agreement, including 'Guaranteed Obligations', 'Lease Agreement', 'Property', etc.
4. Guarantee and Indemnity: Core provisions detailing the guarantee obligations and scope of indemnity
5. Extent of Guarantee: Specific details of what obligations are covered by the guarantee
6. Duration: Term of the guarantee, including start date and conditions for termination
7. Guarantor's Obligations: Detailed list of the guarantor's specific obligations and responsibilities
8. Enforcement: Conditions and process for enforcing the guarantee
9. Representations and Warranties: Guarantor's confirmations regarding capacity and authority
10. Payment Terms: Details of how and when payments must be made under the guarantee
11. Notices: Process and requirements for formal communications between parties
12. Governing Law and Jurisdiction: Confirmation of Saudi law application and jurisdiction
1. Multiple Guarantors: Additional provisions for cases involving more than one guarantor, including joint and several liability
2. Security: Additional security provisions if the guarantee is secured against specific assets
3. Step-In Rights: Provisions allowing the guarantor to take over the lease in certain circumstances
4. Currency Provisions: Required for international guarantors or cross-border transactions
5. Assignment: Provisions regarding the transfer of guarantee rights and obligations
6. Sharia Compliance Declaration: Explicit confirmation of compliance with Sharia principles, often required by certain institutions
1. Schedule 1 - Lease Agreement Details: Copy or key details of the underlying lease agreement
2. Schedule 2 - Property Description: Detailed description of the leased property
3. Schedule 3 - Guaranteed Obligations: Itemized list of the specific obligations being guaranteed
4. Schedule 4 - Form of Demand: Template for making a demand under the guarantee
5. Schedule 5 - Security Details: Details of any security provided (if applicable)
6. Appendix A - Required Documents: List of supporting documents required from the guarantor
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