This Lease is meant to be used by one individual dealing with another individual rather than a dealership situation. It therefore does not contain disclosures required by the Federal Consumer Leasing Act.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
Commercial Lease With Personal Guarantee In New York - Lease or Rental Agreement of Automobile, Car, Truck, or Vehicle by Individual - Personal - Template
State:
Multi-State
Control #:
US-00400BG
Format:
Word
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Description
An "Automobile Lease Agreement" is generally used to describe the formal contract or agreement that binds the leasing customer to the terms and conditions set forth by a leasing company or bank ("financier") . It is usually prepared or provided by the automobile dealership. This type of Automobile Lease is one the methods by which an automobile may be financed. It allows the customer to drive an automobile by making monthly payments to the financier. The payments serve to compensate the financier for the depreciation in value of the automobile during the time it is being driven. The financier will also assess a monthly finance charge that is similar to interest on a loan. This compensates the financier for the use of their money that is tied up in the purchase of the automobile from a dealer. The financier or car dealership actually owns the automobile. The automobile is leased for a specific period of time and is typically returned to the car dealership at the end of that time.
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A Personal Guaranty is a guarantee of term, meaning that it remains in effect for the full duration of the lease. When dealing with "small business" commercial lease agreements' typically the landlord will require the "personal guaranty" of the small business tenant.Almost all landlords in New York City will require a principal or principal's of the corporation or LLC to guarantee the lease. To mitigate this risk, landlords now routinely require either a personal or corporate guaranty to secure a tenant's obligations under the lease. A good guy clause is a limited personal guarantee on an office lease where the individual's liability ends once the space is vacated. A negotiation regarding a "good guy guaranty" pertains to a limited personal guarantee commonly utilized in commercial leases within New York City. A guaranty is a promise to fulfill the obligations of another party, and is subject to the ordinary principles of contract construction. The law treats your LLC as a disregarded entity since you're the only one in the business. Business landlords generally request a personal guarantee from directors because of the extended nature of a commercial lease. New York City laws may prohibit your type of business from operating in a specific area or building.