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.
Michigan Bare-bones Common Form of Good Guy Guaranty is a legal document that outlines the terms and conditions of a guarantor's responsibility for a lease agreement. This type of guaranty is commonly used in Michigan real estate transactions, providing landlords with an added layer of security in case tenants fail to fulfill their lease obligations. In this specific form of guaranty, the guarantor (also known as the "good guy") agrees to be personally liable for any outstanding rent, damages, or other lease-related costs in the event that the tenant defaults. The guaranty ensures that the landlord can recover any losses incurred due to tenant non-compliance. The Michigan Bare-bones Common Form of Good Guy Guaranty typically includes various provisions and requirements to protect the landlord's interests. Here are some relevant keywords: 1. Guarantor: The individual or entity who agrees to assume liability for the lease obligations. 2. Good Guy Guaranty: Also known as a Good Guy Clause, this guarantees the landlord will not pursue the guarantor for any amounts due under the lease if the tenant vacates the premises without defaulting. 3. Lease Agreement: The contractual agreement between the landlord and the tenant, outlining the terms and conditions of the tenancy. 4. Rental Payments: The periodic payments made by the tenant to the landlord as specified in the lease agreement. 5. Default: The failure of the tenant to comply with the terms and conditions of the lease agreement, such as non-payment of rent or damage to the property. 6. Liability: The legal responsibility of the guarantor to cover any financial losses incurred by the landlord due to tenant default. 7. Personal Guarantee: The guarantor's assurance that they will personally fulfill the tenant's obligations if the tenant cannot do so. 8. Indemnification: The guarantor's commitment to compensate the landlord for any losses, damages, or expenses related to the tenant's default. 9. Termination of Guaranty: The conditions under which the guarantor's liability will cease, typically upon the tenant's fulfillment of lease obligations or proper termination of the lease agreement. While the Michigan Bare-bones Common Form of Good Guy Guaranty is standardized, there may be slight variations depending on the specific lease agreement and the preferences of the involved parties. However, the general purpose remains consistent — to protect the landlord by ensuring financial security in case of tenant default.
