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Guarantor Rental Agreement

Guarantor Rental Agreement Template for Canada

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Key Requirements PROMPT example:

Guarantor Rental Agreement

"I need a Guarantor Rental Agreement for a commercial property in Ontario with three co-guarantors, where the guarantee needs to cover both rent and operational costs, with the agreement to commence on March 1, 2025."

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Document background
The Guarantor Rental Agreement is a crucial document in Canadian residential and commercial leasing, commonly used when landlords require additional security beyond the primary tenant's commitment. This typically occurs in situations involving student rentals, first-time renters, individuals with limited credit history, or high-value commercial leases. The agreement operates under provincial residential tenancy laws and must comply with local contract law requirements. It establishes the guarantor's obligations, including their responsibility to pay rent and cover any damages if the tenant defaults, the duration of the guarantee, and enforcement mechanisms. The document is essential for risk management in rental properties and provides landlords with legally enforceable recourse against a financially stable third party.
Suggested Sections

1. Parties: Identifies and provides full legal names and addresses of all parties: Landlord, Tenant(s), and Guarantor(s)

2. Background: Explains the context of the agreement, including reference to the main tenancy agreement and the requirement for a guarantor

3. Definitions: Defines key terms used throughout the agreement, including 'Guaranteed Obligations', 'Rental Agreement', 'Premises', etc.

4. Scope of Guarantee: Clearly defines what obligations the guarantor is guaranteeing, including rent, damages, and other tenant obligations

5. Duration of Guarantee: Specifies how long the guarantee will remain in effect, including any provisions for termination

6. Guarantor's Obligations: Details the specific responsibilities and commitments of the guarantor, including payment obligations and timing

7. Landlord's Rights: Outlines the landlord's rights in relation to enforcing the guarantee and seeking payment from the guarantor

8. Independent Obligation: Confirms that the guarantor's obligations are independent of the tenant's and survive tenant bankruptcy or similar events

9. Enforcement: Describes the process for enforcing the guarantee, including notice requirements and payment timelines

10. Governing Law: Specifies that the agreement is governed by Canadian law and the applicable provincial jurisdiction

11. Execution: Formal signing section with space for signatures, dates, and witness details

Optional Sections

1. Multiple Guarantors: Section specifying joint and several liability when there is more than one guarantor

2. Limit of Liability: Used when the guarantee is capped at a specific amount rather than being unlimited

3. Guarantor Financial Statements: Section requiring periodic submission of financial information when dealing with commercial properties or high-value rentals

4. Early Termination Rights: Details circumstances under which the guarantor may be released from obligations before the end of the term

5. Notice Requirements: Detailed requirements for how and when notices must be given to the guarantor, beyond standard notice provisions

6. Guarantee Renewal: Terms for extending or renewing the guarantee if the underlying tenancy is renewed or extended

Suggested Schedules

1. Schedule A - Primary Tenancy Agreement: Copy of the main lease agreement being guaranteed

2. Schedule B - Guarantor Financial Declaration: Statement of the guarantor's financial position and ability to meet obligations

3. Schedule C - Guaranteed Amounts: Detailed breakdown of the specific amounts and obligations being guaranteed

4. Appendix 1 - Guarantor Identification: Copies of guarantor's identification documents and proof of address

5. Appendix 2 - Notice Details: Detailed contact information and preferred methods of communication for all parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































Clauses


























Relevant Industries

Real Estate

Property Management

Residential Housing

Commercial Property

Student Housing

Legal Services

Property Development

Asset Management

Relevant Teams

Legal

Property Management

Leasing

Tenant Relations

Risk Management

Compliance

Real Estate Operations

Contract Administration

Asset Management

Relevant Roles

Property Manager

Leasing Agent

Real Estate Attorney

Legal Counsel

Tenant Relations Manager

Asset Manager

Property Administrator

Compliance Officer

Risk Manager

Housing Coordinator

Rental Administrator

Contract Manager

Real Estate Manager

Student Housing Coordinator

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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