The Agent’s obligation to the Landlord is that in the event that there are any defaults in the payment of the Rent (as set out in the tenancy agreement) by the Tenant(s)/Guarantor(s) within 12 months of the start of the tenancy (being the date upon which the tenancy agreement is stated to commence, as set out in any tenancy agreement) and provided that the tenancy commencement is within 60 days of the reference being given if the reference was before the tenancy commencement date), the Agent will pay Rent monthly:
Up to a maximum of the agreed rent as detailed in the tenancy agreement per calendar month for a maximum of 6 months’ rent or until vacant possession has been gained, whichever is soonest.
Payments will be made subject to any deductions agreed in this agency agreement. Deductions will also be made for any outstanding charges due from the Landlord.
In the event of payments being made under this guarantee, all rights of the Landlord to recover such sums shall be subrogated to the Agent or their insurer in order to affect recovery of sums paid (in the name of the Landlord if necessary or expedient). By signing this agency agreement the Landlord confirms and agrees to the same. Recovery of rents paid out shall be at the sole discretion of the Agent.
Should the Landlord receive any funds from any Tenant(s)/Guarantor(s) after any date of default which results in the Agent having to pay any monies to the Landlord under the terms of this guarantee, the Landlord shall immediately notify the Agent of such receipt and shall forward such funds (up to the amount paid by the Agent) to the Agent immediately on receipt of the same.
This Guarantee is part of the service standard for our vetting service and you will receive immediate and automatic protection with the vetting service at no extra charge upon the start of a tenancy agreement whilst this agency agreement remains in force.