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 Wayne
Category:
State:
Multi-State
County:
Wayne
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. The landlord requires that I sign a personal guarantee, or provide a 6-month security deposit, to lease the space.I have a personal guarantee in a commercial lease for my business (LLC) and I have defaulted and I need help to find. A personal guarantee means that the business owners or individuals who are acting as guarantors will be responsible for making the lease payments. A Personal Guaranty is a guarantee of term, meaning that it remains in effect for the full duration of the lease. 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." Operating expenses, real estate, taxes, insurance. Most leases are personally guaranteed. It would take a landlord to fill the space. So these are highly advisable.