The Rent Guarantor Form is an essential document in the Nigerian rental market, used when a property owner requires additional security beyond the tenant's own covenant. This document is particularly relevant in situations where tenants may have limited credit history, are students, or are entering into high-value commercial leases. The form is structured to comply with Nigerian federal and state-specific property laws, including the Recovery of Premises Act and various state tenancy laws. It typically includes detailed information about all parties involved, the extent of the guarantee, the duration of the commitment, and the specific circumstances under which the guarantee can be enforced. The document serves as a crucial risk management tool for landlords while facilitating access to rental properties for tenants who might otherwise struggle to secure a lease.
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1. Parties: Identifies and provides full details of the Landlord, Tenant, and Guarantor including full names, addresses, and contact information
2. Background: Brief context explaining the purpose of the guarantee and reference to the main tenancy agreement
3. Definitions: Defines key terms used throughout the document including 'Guaranteed Obligations', 'Property', 'Tenancy Agreement', and 'Rent'
4. Guarantee and Indemnity: Core section detailing the guarantor's obligations and the extent of the guarantee
5. Duration of Guarantee: Specifies how long the guarantee will remain in effect and any conditions for termination
6. Guarantor's Obligations: Detailed list of specific obligations the guarantor is undertaking
7. Landlord's Rights: Outlines the landlord's rights in relation to enforcing the guarantee
8. Payment Terms: Specifies when and how the guarantor must make payments if the guarantee is called upon
9. Notices: Details how formal communications between parties should be made and delivered
10. Governing Law: Confirms that Nigerian law governs the agreement and specifies relevant jurisdiction
1. Joint Guarantors: Include when there is more than one guarantor, defining joint and several liability
2. Guarantor's Maximum Liability: Include when there is a specific cap on the guarantor's financial liability
3. Property Description: Include when the guarantee is specific to a particular property and detailed description is necessary
4. Early Termination Rights: Include when the guarantor has specific rights to terminate the guarantee early
5. Foreign Law Compliance: Include when any party is based outside Nigeria or foreign assets are involved
6. Language Declaration: Include when any party requires the document in multiple languages or needs interpretation
1. Schedule 1 - Property Details: Detailed description of the property including address, boundaries, and any specific inclusions or exclusions
2. Schedule 2 - Guaranteed Amounts: Specific breakdown of the amounts being guaranteed including rent, service charges, and other obligations
3. Schedule 3 - Tenancy Agreement: Copy or key terms of the referenced tenancy agreement
4. Appendix A - Guarantor's Statement of Assets: Optional declaration of the guarantor's financial position and assets
5. Appendix B - Proof of Identity: Required identification documents for all parties
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