SCHEDULE 5: THE AUTHORISED GUARANTEE AGREEMENT
(3) Agreement dated the day of Two Thousand and ......... BETWEEN ......LEE BEVAN......T/A BEVAN PROPERTIES................ (Hereinafter called “the Landlord”) of the one part and ...... Mrs Phatson Phaengsao.... (Hereinafter called “the Assignor”) of the other part
THE ASSIGNOR has agreed to assign the Lease dated the 1TH July 2016 and made between the Landlord of the one part and the Assignor of the other part in respect of premises known as 5 School Street, Westhoughton Bolton aforesaid (“the Lease”) to
(“the Assignee”) and this agreement takes effect when the Lease is assigned to the Assignee
The “Liability Period” shall mean the period during which the term granted by the Lease shall be vested in the Assignee and until the Lease is assigned by the Assignee to a third party in accordance with the provisions of the Lease (or if such assignment is an excluded assignment within the meaning of S110) of the Landlord & Tenant (Covenants) Act 1995 until the next subsequent assignment which is not an excluded assignment as aforesaid or until the date of the expiration of the contractual term of the Lease
THE ASSIGNOR covenants to indemnify the Landlord during the Liability Period against all losses incurred as a result of any failure by the Assignee to comply with any of the terms of the Lease
THE ASSIGNOR is liable during the Liability Period to the Landlord under this agreement as principal debtor and his/its obligation remains fully effective even if the Landlord gives the Assignee extra time to comply with any obligation in the Lease or docs not insist on its strict terms
THE ASSIGNOR agrees in the event that the Lease is disclaimed during the Liability Period and on being so required by the Landlord to accept from the Landlord the grant of a new tenancy and to execute and deliver a counterpart of it to the Landlord the new tenancy is to be on the same terms and conditions as the Lease at the date of the disclaimer and to be for a term expiring on the term date of the Lease
THIS AGREEMENT ceases to have effect when the Assignee is released from the tenant covenants of the Lease by virtue of Section 5 of the Landlord and Tenant (Covenants) Act 1995 or with the consent of the Landlord
THE LANDLORD covenants with the Assignor that he will notify the Assignor in writing within 7 days of being informed of the facts bringing this agreement to an end.
Nothing in this Deed shall:
i) Make the Assignor liable for the obligations of anyone other than the Assignee
ii) Impose any liabilities on the Assignor which are more onerous than the Assignee’s obligations
under the Lease
iii) Impose any liability restriction or other requirement on the Assignor in relation to any period of time after the Assignee is released from liability under the Lease by virtue of the Landlord & Tenant (Covenants) Act 1995