The Lease Guarantee Agreement is a crucial document in Hong Kong's property leasing landscape, commonly used when additional security is required beyond the tenant's own covenant. This document is particularly relevant when tenants have limited trading history, when the lease involves significant financial commitment, or in high-value commercial property transactions. The agreement details the guarantor's obligations, including payment of rent, compliance with lease terms, and making good any tenant defaults. It must comply with Hong Kong's legal framework, particularly the Landlord and Tenant (Consolidation) Ordinance and contract law principles. The document is essential for risk management in property leasing, providing landlords with additional security while facilitating lease arrangements for tenants who might otherwise struggle to secure premium properties.
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1. Parties: Identifies and provides full details of all parties: Landlord (beneficiary of guarantee), Tenant (principal debtor), and Guarantor
2. Background: Recitals explaining the context of the guarantee, referring to the underlying lease agreement and the reason for the guarantee
3. Definitions: Defines key terms used in the agreement, including 'Lease', 'Guaranteed Obligations', 'Tenant Covenants', etc.
4. Guarantee and Indemnity: Core section setting out the guarantee obligations and indemnity provided by the guarantor
5. Extent and Limits of Guarantee: Defines the scope of the guaranteed obligations and any limitations
6. Duration of Guarantee: Specifies the time period for which the guarantee remains in force
7. Guarantor's Obligations: Details specific obligations and covenants of the guarantor
8. Preservation of Guarantee: Provisions ensuring the guarantee remains valid despite changes to the lease or tenant circumstances
9. Representations and Warranties: Guarantor's confirmations regarding their capacity and authority to provide the guarantee
10. Payments: Terms regarding the timing, method, and currency of payments under the guarantee
11. Enforcement: Landlord's rights and procedures for enforcing the guarantee
12. Notices: Requirements for giving valid notices under the agreement
13. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
1. Joint and Several Liability: Required when there are multiple guarantors, establishing their joint and several liability
2. Security: Include when additional security (such as charges over assets) is being provided alongside the guarantee
3. Step-In Rights: Optional provisions allowing the guarantor to take over the lease in certain circumstances
4. Assignment and Transfer: Include if either party needs the right to assign or transfer their rights under the guarantee
5. Costs and Expenses: Optional section detailing responsibility for costs related to preparing and enforcing the guarantee
6. Guarantee Limitations: Include when there are specific caps or limitations on the guarantor's liability
7. Corporate Guarantor Provisions: Required when the guarantor is a company, including specific corporate representations
1. Schedule 1 - The Lease: Copy or key details of the underlying lease agreement being guaranteed
2. Schedule 2 - Guaranteed Obligations: Detailed list of the specific obligations being guaranteed
3. Schedule 3 - Guarantor Information: Detailed information about the guarantor, including address for service and contact details
4. Schedule 4 - Form of Demand: Template for making a formal demand under the guarantee
5. Appendix A - Corporate Authorizations: If guarantor is a company, copies of board resolutions and other corporate approvals
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