New Mexico Personal Guaranty - Guarantee of Lease to Corporation

• Category: Landlord Tenant - Guaranty
• State: Multi-State
• Control #: US-60756
• Format: Word; Rich Text

Description

This forms states that in order to induce a third party into a lease, the guarantor unconditionally and absolutely guarantees to lessor, the full and prompt payment and performance by the lessee of all of its obligations under and pursuant to the lease, together with the full and prompt payment of any and all costs and expenses of and incidental to the enforcement of this Guaranty, including, without limitation, reasonable attorneys' fees. A New Mexico Personal Guaranty — Guarantee of Lease to Corporation is a legal document that serves as a form of security for a commercial lease agreement entered into by a corporation. When a corporation enters into a lease agreement with a landlord or property owner, they may require a personal guaranty from one or more individuals associated with the corporation to ensure that the lease obligations are met. In New Mexico, there are different types of Personal Guaranty — Guarantee of Lease to Corporation, each serving specific purposes and varying in terms and conditions. Some common types include: 1. General Personal Guaranty: This type of guaranty holds the guarantor accountable for all lease obligations and liabilities incurred by the corporation. It encompasses all aspects of the lease agreement, including rent payments, property damages, and any other breaches. 2. Limited Personal Guaranty: Unlike a general guaranty, a limited guaranty imposes restrictions on the guarantor's liability. It may specify a maximum monetary amount or limit the guarantor's obligations to certain aspects of the lease agreement, such as rent payments only. 3. Continuing Personal Guaranty: A continuing guaranty is in effect for the entire duration of the lease agreement and any renewals or extensions thereof. It remains in force until the obligations are fulfilled by the corporation or the lease agreement is terminated. 4. Absolute Personal Guaranty: An absolute guaranty provides an unconditional promise from the guarantor that they will assume full liability for the corporation's lease obligations, regardless of the circumstances or actions of the corporation. 5. Conditional Personal Guaranty: In contrast to an absolute guaranty, a conditional guaranty imposes specific conditions that must be met for the guarantor to assume liability. These conditions may include non-payment of rent, defaulting on specific lease terms, or the corporation's bankruptcy. It is crucial for individuals considering signing a New Mexico Personal Guaranty — Guarantee of Lease to Corporation to carefully review the terms and conditions, seek legal advice if necessary, and assess their financial ability to fulfill the obligations.

A New Mexico Personal Guaranty — Guarantee of Lease to Corporation is a legal document that serves as a form of security for a commercial lease agreement entered into by a corporation. When a corporation enters into a lease agreement with a landlord or property owner, they may require a personal guaranty from one or more individuals associated with the corporation to ensure that the lease obligations are met. In New Mexico, there are different types of Personal Guaranty — Guarantee of Lease to Corporation, each serving specific purposes and varying in terms and conditions. Some common types include: 1. General Personal Guaranty: This type of guaranty holds the guarantor accountable for all lease obligations and liabilities incurred by the corporation. It encompasses all aspects of the lease agreement, including rent payments, property damages, and any other breaches. 2. Limited Personal Guaranty: Unlike a general guaranty, a limited guaranty imposes restrictions on the guarantor's liability. It may specify a maximum monetary amount or limit the guarantor's obligations to certain aspects of the lease agreement, such as rent payments only. 3. Continuing Personal Guaranty: A continuing guaranty is in effect for the entire duration of the lease agreement and any renewals or extensions thereof. It remains in force until the obligations are fulfilled by the corporation or the lease agreement is terminated. 4. Absolute Personal Guaranty: An absolute guaranty provides an unconditional promise from the guarantor that they will assume full liability for the corporation's lease obligations, regardless of the circumstances or actions of the corporation. 5. Conditional Personal Guaranty: In contrast to an absolute guaranty, a conditional guaranty imposes specific conditions that must be met for the guarantor to assume liability. These conditions may include non-payment of rent, defaulting on specific lease terms, or the corporation's bankruptcy. It is crucial for individuals considering signing a New Mexico Personal Guaranty — Guarantee of Lease to Corporation to carefully review the terms and conditions, seek legal advice if necessary, and assess their financial ability to fulfill the obligations.