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 Queens
Category:
State:
Multi-State
County:
Queens
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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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.When dealing with "small business" commercial lease agreements' typically the landlord will require the "personal guaranty" of the small business tenant. It can also require a personal guaranty, which will place personal liability on you. GUARANTY. A good guy clause is a limited personal guarantee on an office lease where the individual's liability ends once the space is vacated. 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." 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 personal guarantee likely binds you to personally pay the rental obligation, i.e. , the contract amount.