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.
Commercial Lease With Personal Guarantee In Fulton
Category:
State:
Multi-State
County:
Fulton
Control #:
US-00400BG
Format:
Word;
Rich Text
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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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When dealing with "small business" commercial lease agreements' typically the landlord will require the "personal guaranty" of the small business tenant. A Personal Guaranty is a guarantee of term, meaning that it remains in effect for the full duration of the lease.The landlord requires that I sign a personal guarantee, or provide a 6-month security deposit, to lease the space. The general rule is that a personal guaranty is to be strictly construed and a "guarantor should not be bound beyond the express terms of his guarantee." To mitigate this risk, landlords now routinely require either a personal or corporate guaranty to secure a tenant's obligations under the lease. Find Fulton, MD commercial real estate for lease and sale on PropertyShark. Discover 11 properties including offices, retail, and industrial spaces. Fill out a "Personal Financial Statement", such as Figure 3-1. SAIFYAN agreed that Plaintiffs would enter into a commercial lease with Mr} SAIFYAN'S holding company. Defendant MATKIM. LLC.