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Rent Guarantee Agreement

Rent Guarantee Agreement Template for India

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Key Requirements PROMPT example:

Rent Guarantee Agreement

"I need a Rent Guarantee Agreement for a corporate guarantor who will be guaranteeing rent payments for multiple commercial properties in Mumbai, with the agreement to commence from January 2025 and include specific provisions for international payments."

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Document background
A Rent Guarantee Agreement is utilized in situations where a landlord requires additional security for their rental income beyond the tenant's direct covenant. This document becomes particularly relevant in commercial leasing, student housing, or when dealing with tenants who may have limited credit history or financial standing. The agreement, governed by Indian law, establishes a legally binding commitment from a guarantor (often a parent company, individual, or financial institution) to step in and fulfill the tenant's rental obligations if they default. The document typically references the main lease agreement and clearly defines the scope of guaranteed obligations, which may include rent, service charges, damages, and other financial commitments. The Rent Guarantee Agreement must comply with the Indian Contract Act, 1872, and relevant state-specific property laws, making it essential to include appropriate provisions for enforcement and dispute resolution within the Indian legal system.
Suggested Sections

1. Parties: Identifies and defines all parties: Landlord, Tenant, and Guarantor with their full legal names and addresses

2. Background: Explains the context of the agreement, referring to the main lease agreement and the need for a guarantee

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes rules of interpretation

4. Scope of Guarantee: Clearly defines what obligations of the tenant are being guaranteed, including rent, damages, and other charges

5. Duration of Guarantee: Specifies the term of the guarantee, including start date and any conditions for termination

6. Guarantor's Obligations: Details the specific obligations and extent of the guarantor's liability

7. Payment Terms: Specifies when and how the guarantor must make payments upon tenant's default

8. Landlord's Rights and Remedies: Outlines the landlord's rights to enforce the guarantee and available remedies

9. Notices: Specifies how formal communications between parties should be made and delivered

10. Governing Law and Jurisdiction: Establishes that Indian law governs the agreement and specifies jurisdiction for disputes

11. Execution: Space for signatures, witness details, and execution formalities

Optional Sections

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

2. Property Management: Required when a property management company is involved in collecting rent

3. International Payments: Needed when guarantor is based outside India, specifying currency and payment mechanisms

4. Insurance Requirements: Optional section requiring guarantor to maintain certain insurance coverage

5. Step-In Rights: Gives guarantor rights to take over tenant's position in certain circumstances

6. Guarantee Limit: Sets a maximum cap on guarantor's liability if agreed between parties

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the rental property including address and specific inclusions

2. Schedule 2 - Rental Agreement Reference: Details of the main lease/rental agreement being guaranteed including key terms

3. Schedule 3 - Guaranteed Obligations: Itemized list of all financial obligations covered by the guarantee

4. Schedule 4 - Guarantor's Financial Information: Financial statements or proof of guarantor's ability to meet obligations

5. Appendix A - Notice Forms: Template forms for various notices required under the agreement

6. Appendix B - Payment Procedures: Detailed procedures for making payments under the guarantee

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 legal definitions
Agreement
Applicable Law
Business Day
Commencement Date
Default Event
Guaranteed Obligations
Guarantee Period
Guarantor
Interest Rate
Landlord
Lease Agreement
Notice
Parties
Payment Date
Permitted Use
Premises
Property
Rent
Security Deposit
Service Charges
Tenant
Term
Termination Date
Working Hours
Writing
Guarantee Limit
Outstanding Amount
Payment Currency
Relevant Jurisdiction
Stamp Duty
Enforcement Notice
Demand Notice
Occupational Lease
Related Persons
Utility Charges
Relevant Industries

Real Estate

Property Management

Commercial Leasing

Residential Property

Corporate Housing

Student Housing

Retail

Hospitality

Corporate Real Estate

Financial Services

Relevant Teams

Legal

Real Estate

Property Management

Risk Management

Operations

Facilities

Compliance

Asset Management

Tenant Relations

Contract Administration

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Contract Manager

Leasing Manager

Risk Manager

Facilities Manager

Asset Manager

Commercial Property Director

Tenant Relations Manager

Housing Officer

Corporate Real Estate Manager

Property Operations Manager

Compliance Officer

Industries
Indian Contract Act, 1872: Fundamental law governing formation and enforcement of contracts in India, including provisions for guarantee contracts under Sections 126-147
Transfer of Property Act, 1882: Governs transfer of property including leases and rental agreements, particularly Section 105-106 dealing with leases of immovable property
Registration Act, 1908: Determines which documents need to be registered, including long-term lease agreements and their related guarantees
Indian Stamp Act, 1899: Governs the stamp duty payable on various documents including guarantee agreements and rental agreements
State-specific Rent Control Acts: Various states in India have their own rent control laws that may affect the terms of rental and guarantee agreements
Specific Relief Act, 1963: Relevant for enforcement of contracts and available remedies in case of breach of guarantee or rental obligations
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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