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 San Diego
Category:
State:
Multi-State
County:
San Diego
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 guarantee commercial lease is a legally abiding contract that makes a business owner assume personal liability for responsibilities and obligations. The personal guarantee likely binds you to personally pay the rental obligation, i.e., the contract amount. A lease guarantee commits the individual who signs it to pay the landlord throughout the duration of the lease. The personal guarantee in a commercial lease makes you, the tenant, personally liable for any rent your business's profits cannot cover. Reduce the Time Period – Many personal guarantees are signed for the term of the lease, which exposes you to pay all rent up to lease expiration. The Good Guy Clause is an important condition that protects both parties and is a personal guarantee between tenant and landlords. Operating expenses, real estate, taxes, insurance. Most leases are personally guaranteed. A commercial lease for office or retail space is a serious commitment for your business.