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Rent Guarantee Agreement

Rent Guarantee Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Rent Guarantee Agreement

"I need a Rent Guarantee Agreement for a commercial property in Dubai International Financial Centre, where a parent company will guarantee AED 2.5 million in annual rent payments for its subsidiary's office lease starting March 2025."

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Document background
A Rent Guarantee Agreement is a crucial document in UAE real estate transactions, providing landlords with security against tenant default. This agreement is commonly used in both commercial and residential leasing contexts where additional financial security is required beyond standard lease provisions. The document is structured to comply with UAE Federal Law No. 5 of 1985 (Civil Code) and relevant emirate-specific rental regulations, making it enforceable in UAE courts. The Rent Guarantee Agreement typically specifies the guaranteed amount, duration, enforcement mechanisms, and conditions for guarantee release. It's particularly valuable in high-value commercial leases, residential tenancies with corporate guarantors, or situations where tenants may have limited credit history in the UAE. The agreement includes specific provisions required under UAE law for guarantee contracts, ensuring its validity and enforceability within the jurisdiction.
Suggested Sections

1. Parties: Identification of the Guarantor, Landlord (beneficiary), and Tenant (primary debtor)

2. Background: Context of the guarantee, reference to the underlying lease agreement, and purpose of the guarantee

3. Definitions: Key terms used throughout the agreement, including 'Guaranteed Obligations', 'Lease Agreement', 'Guarantee Period'

4. Guarantee: Core provisions setting out the guarantee obligations, including scope and nature of the guarantee

5. Extent of Liability: Limits and extent of the guarantor's liability, maximum amount guaranteed

6. Duration: Term of the guarantee, including start date and expiry conditions

7. Payment Obligations: Process and timing for payments under the guarantee, including demand procedures

8. Representations and Warranties: Guarantor's confirmations regarding capacity and authority to provide the guarantee

9. Enforcement: Rights and procedures for enforcing the guarantee, including notice requirements

10. Termination: Circumstances under which the guarantee may be terminated or released

11. Governing Law and Jurisdiction: Confirmation of UAE law governance and jurisdiction for disputes

Optional Sections

1. Security: Include when additional security is provided for the guarantee obligations

2. Bank Guarantee Provisions: Include when the guarantee is provided by a bank rather than an individual or corporate guarantor

3. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability

4. Assignment: Include when either party may need to transfer their rights under the guarantee

5. Step-In Rights: Include when the guarantor has the right to take over the lease in case of tenant default

6. Islamic Finance Compliance: Include when the guarantee needs to comply with Shariah principles

7. Currency Provisions: Include when the guarantee amount is in a different currency from the lease payments

Suggested Schedules

1. Form of Demand: Template for making a demand under the guarantee

2. Underlying Lease Agreement: Copy or key terms of the lease agreement being guaranteed

3. Payment Schedule: If applicable, schedule of guaranteed rental payments

4. Corporate Authorizations: Where the guarantor is a company, copies of relevant board resolutions and authorizations

5. Property Details: Details of the leased property including title deed information

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Banking & Financial Services

Property Development

Commercial Property Management

Residential Property Management

Retail

Hospitality

Industrial & Warehousing

Office Space Management

Corporate Services

Relevant Teams

Legal

Real Estate

Property Management

Finance

Risk Management

Compliance

Operations

Corporate Services

Treasury

Facilities Management

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Contract Manager

Facility Manager

Leasing Manager

Risk Manager

Commercial Director

Finance Manager

Compliance Officer

Real Estate Agent

Asset Manager

Treasury Manager

Corporate Services Manager

Operations Director

Industries
UAE Federal Law No. 5 of 1985 (Civil Code): Contains fundamental provisions regarding contracts, guarantees, and civil transactions. Articles 1057-1091 specifically deal with guarantees and sureties.
Dubai Law No. 26 of 2007 (Regulating the Relationship between Landlords and Tenants): Governs rental relationships in Dubai, including rights and obligations of landlords and tenants, which is crucial for understanding the underlying rental relationship being guaranteed.
Abu Dhabi Law No. 20 of 2006: Regulates the rental market in Abu Dhabi, providing framework for lease registration and dispute resolution, which may affect the guarantee's scope.
UAE Federal Law No. 18 of 1993 (Commercial Code): Relevant for commercial aspects of guarantees, particularly if the guarantee is provided in a commercial context or by a commercial entity.
DIFC Law No. 6 of 2004: If the property is located in Dubai International Financial Centre (DIFC), this law governs contracts and property matters within the free zone.
UAE Central Bank regulations: Relevant if the guarantee involves financial institutions or banking guarantees, including regulations on bank guarantees and related financial instruments.
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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