Deed of release and substitution of Tenant’s guarantor
Deed of release and substitution of Tenant’s guarantor

The following Property precedent provides comprehensive and up to date legal information covering:

  • Deed of release and substitution of Tenant’s guarantor
  • 1 Background
  • 2 Definitions
  • 3 Interpretation
  • 4 Release of the Outgoing Guarantor
  • 5 Continuing liability of the Tenant and the Remaining Guarantor
  • 6 Replacement Guarantee
  • 7 Severance
  • 8 Notices
  • 9 Third parties
  • More...

Deed of release and substitution of Tenant’s guarantor

date [date]

Parties

  1. 1

    [name of Landlord] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Landlord)

  1. 2

    [name of outgoing guarantor] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Outgoing Guarantor)

  1. 3

    [name of Tenant] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Tenant)

  1. 4

    [[name or remaining guarantor] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Remaining Guarantor)]

  1. 5

    [[name] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Replacement Guarantor)]

    1. 1

      Background

      1. (A)

        The immediate reversion to the Lease is vested in the Landlord and the unexpired residue of the [term created by the Lease OR Term] is vested in the Tenant.

      1. (B)

        In the [Guarantee OR Lease], the Outgoing Guarantor [and the Remaining Guarantor] guaranteed the Tenant’s obligations in the Lease. The parties have agreed that the Outgoing Guarantor is to be released from its guarantee [and that [the Replacement Guarantor is to give a replacement guarantee to the Landlord AND/OR the Remaining Guarantor remains bound by its guarantee]].

    1. 2

      Definitions

      In this Deed the following definitions apply:

      [1995 Act

      1. the Landlord and Tenant (Covenants)

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