This is a Landlord Tenant Lease Co-Signor Agreement for use by a Landlord in contracting with a cosignor on a lease to be liable for rent, damage, etc., if the Tenant fails to pay. Cosignor is thereby liable to Landlord for payment of rent should Tenant not fulfill his/her contractual obligation.
The cosigner is also sometimes be called a guarantor. A guaranty is a contract under which one person (guarantor) agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).
The Phoenix Arizona Landlord Tenant Lease Co-Signer Agreement is a legal contract entered into between a landlord and a co-signer to guarantee the fulfillment of a lease agreement by the tenant. It serves as a security measure for landlords in case the tenant defaults on their rent payments or breaches any terms of the lease. The agreement outlines the responsibilities and obligations of the co-signer, who typically acts as a guarantor for the lease. It establishes that the co-signer is financially responsible and liable for any monetary obligations, damages, or losses incurred by the tenant during their lease term. Additionally, the co-signer agrees to step in and assume the tenant's responsibilities if they fail to do so. The Phoenix Arizona Landlord Tenant Lease Co-Signer Agreement typically includes relevant keywords such as: 1. Parties: Clearly identifies the names and contact information of the landlord, tenant, and co-signer. 2. Lease Agreement: Refers to the original lease agreement between the landlord and tenant, specifying the property address, lease term, rent amount, and other terms. 3. Co-Signer Obligations: Defines the co-signer's obligations, including guaranteeing the financial aspects of the lease, ensuring timely rent payments, and compliance with the lease terms and conditions. 4. Liability: Establishes the co-signer's liability for any monetary damages, legal costs, or other charges resulting from the tenant's default or breach of the lease. 5. Indemnification: Outlines that the co-signer will indemnify the landlord against any losses or claims arising from the lease agreement. 6. Notice of Default: Describes the procedure and timeline for the landlord to notify the co-signer of the tenant's default or breach. 7. Termination: States under what circumstances the co-signer agreement may be terminated, such as when the tenant fulfills their lease obligations or upon mutual agreement. 8. Governing Law: Specifies that the agreement is governed by the laws of the state of Arizona. 9. Severability: Ensures that if any portion of the agreement is considered invalid or unenforceable by a court, the remaining provisions still hold. 10. Signatures: Requires the signatures of all parties involved to make the agreement legally binding. While there may not be specific types of Phoenix Arizona Landlord Tenant Lease Co-Signer Agreements, variations can arise based on individual circumstances or preferences. It is always recommended consulting legal professionals or utilize templates approved by legal experts when drafting or entering into such agreements.
