This office lease form is loosely worded guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due under the Lease.
The Illinois Bare-bones Common Form of Good Guy Guaranty is a legal document commonly used in commercial real estate leasing transactions. This form is designed to protect landlords or property owners by securing a personal guarantee from the tenant. The purpose of the Illinois Bare-bones Common Form of Good Guy Guaranty is to ensure that if the tenant defaults on their lease obligations, the guarantor will step in and fulfill those obligations. This guarantee provides an added layer of security for the landlord, as it holds the guarantor personally liable for any unpaid rent or damages caused by the tenant. In Illinois, there are generally two types of Bare-bones Common Form of Good Guy Guaranty: 1. Full Recourse Guaranty: This type of guaranty imposes unlimited liability on the guarantor. In the event of non-payment or breach of the lease by the tenant, the guarantor is obligated to personally cover all outstanding rent payments, damages, and other costs incurred by the landlord. 2. Limited Recourse Guaranty: This type of guaranty limits the liability of the guarantor to a specific capped amount or a specified period. The guarantor is responsible for fulfilling the lease obligations only up to the specified limit. Beyond this limit, the guarantor is not personally liable, and the landlord will have to pursue any additional claims against the tenant. It is important to note that the Illinois Bare-bones Common Form of Good Guy Guaranty is a streamlined and simplified version compared to more comprehensive guaranty agreements. It focuses primarily on the core elements necessary to establish a binding guaranty relationship between the landlord and the guarantor. Keywords: Illinois, Bare-bones Common Form, Good Guy Guaranty, commercial real estate, leasing transactions, personal guarantee, tenant default, lease obligations, landlord, protection, liability, full recourse guaranty, limited recourse guaranty, unlimited liability, capped amount, specified period, streamlined, simplified.
