In this guaranty, the guarantor is guaranteeing both payment and performance of all leases now or later entered into with lessee and all the obligations and liabilities due and to become due to lessor from lessee under any lease, note, or other obligation of lessee to lessor. Such a blanket guaranty would suggest a close business relationship between the lessee and guarantor like that of a parent and subsidiary corporation.
A Michigan Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease is a legal document that serves as a guarantee for the lessee's payment and performance obligations under a lease agreement. This type of guaranty ensures that the lessor (typically the property owner or landlord) will receive all rent payments and the lessee's compliance with other obligations stated in the lease. Keywords: Michigan, Continuing Guaranty, Payment, Performance, Obligations, Liabilities, Lessee, Lessor, Lease. Types of Michigan Continuing Guaranty under Lease: 1. Limited Guaranty: In this type of guaranty, the guarantor's liability is limited to a specific amount or a predetermined timeframe. This means that the guarantor is obligated to cover payments and fulfill obligations only up to a certain limit or for a specified period of time. 2. Absolute Guaranty: An absolute guaranty holds the guarantor liable for all payment and performance obligations of the lessee without any limitations or restrictions. The guarantor is responsible for ensuring that the lessor receives all payments and that the lessee performs all obligations under the lease agreement, regardless of the lessee's financial stability or ability to fulfill their contractual duties. 3. Continuing Guaranty: A continuing guaranty is a long-term guarantee that remains in effect for the duration of the lease agreement. It extends beyond the initial term and covers subsequent renewals or extensions. The guarantor remains liable for payment and performance obligations even if the lease agreement is extended or modified. 4. Specific Guaranty: A specific guaranty is a guarantee that is tailored to a particular lease agreement. It is limited to a specific lease and does not apply to other leases or agreements between the lessee and lessor. This type of guaranty is commonly used when there are multiple leases or properties involved, and the guarantor only intends to guarantee a specific lease. It's important to note that these types of guarantees may vary depending on the specific terms and conditions outlined in the agreement. It is always recommended consulting legal professionals and thoroughly review the guaranty terms before entering into any lease agreements or signing a continuing guaranty.
