New York 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. The New York Personal Guaranty — Guarantee of Lease to Corporation is a legal agreement commonly used in real estate transactions in the state of New York. It involves a party, usually an individual, known as the guarantor, guaranteeing the lease obligations of a corporation. Keywords: New York, Personal Guaranty, Guarantee of Lease, Corporation. In this agreement, the guarantor takes on personal responsibility for ensuring that the corporation meets its lease obligations, including the payment of rent, maintenance expenses, insurance, and other fees outlined in the lease agreement. This guarantee provides additional security to the landlord or property owner, as it holds both the corporation and the guarantor liable for fulfilling the terms of the lease. Types of New York Personal Guaranty — Guarantee of Lease to Corporation: 1. Unlimited Guaranty: This type of personal guaranty places no cap on the liability of the guarantor. In case the corporation fails to fulfill the lease obligations, the guarantor is responsible for any outstanding payments or damages, regardless of amount. 2. Limited Guaranty: This form of personal guaranty establishes a specific limit on the liability of the guarantor. The amount of the guarantor's liability is predetermined and stated within the agreement. Once the limit is reached, the guarantor is no longer liable for any additional payments or damages. 3. Conditional Guaranty: A conditional personal guaranty includes certain conditions or requirements that must be met for the guarantor's liability to be triggered. It could be related to specific events, such as the corporation defaulting on payment or other lease obligations. Until the conditions are met, the guarantor remains exempt from liability. 4. Continuing Guaranty: A continuing personal guaranty extends the guarantor's liability beyond the lease term. This means that even if the lease expires or terminates, the guarantor remains responsible for any outstanding obligations until they are fulfilled or properly released from their guarantee obligations. It is important to note that the New York Personal Guaranty — Guarantee of Lease to Corporation is a legally binding agreement and should be thoroughly understood by all parties involved. Seeking legal advice from an attorney experienced in real estate law is advisable before entering into such agreements to ensure compliance with the state's laws and protection of rights for both the guarantor and the corporation.

The New York Personal Guaranty — Guarantee of Lease to Corporation is a legal agreement commonly used in real estate transactions in the state of New York. It involves a party, usually an individual, known as the guarantor, guaranteeing the lease obligations of a corporation. Keywords: New York, Personal Guaranty, Guarantee of Lease, Corporation. In this agreement, the guarantor takes on personal responsibility for ensuring that the corporation meets its lease obligations, including the payment of rent, maintenance expenses, insurance, and other fees outlined in the lease agreement. This guarantee provides additional security to the landlord or property owner, as it holds both the corporation and the guarantor liable for fulfilling the terms of the lease. Types of New York Personal Guaranty — Guarantee of Lease to Corporation: 1. Unlimited Guaranty: This type of personal guaranty places no cap on the liability of the guarantor. In case the corporation fails to fulfill the lease obligations, the guarantor is responsible for any outstanding payments or damages, regardless of amount. 2. Limited Guaranty: This form of personal guaranty establishes a specific limit on the liability of the guarantor. The amount of the guarantor's liability is predetermined and stated within the agreement. Once the limit is reached, the guarantor is no longer liable for any additional payments or damages. 3. Conditional Guaranty: A conditional personal guaranty includes certain conditions or requirements that must be met for the guarantor's liability to be triggered. It could be related to specific events, such as the corporation defaulting on payment or other lease obligations. Until the conditions are met, the guarantor remains exempt from liability. 4. Continuing Guaranty: A continuing personal guaranty extends the guarantor's liability beyond the lease term. This means that even if the lease expires or terminates, the guarantor remains responsible for any outstanding obligations until they are fulfilled or properly released from their guarantee obligations. It is important to note that the New York Personal Guaranty — Guarantee of Lease to Corporation is a legally binding agreement and should be thoroughly understood by all parties involved. Seeking legal advice from an attorney experienced in real estate law is advisable before entering into such agreements to ensure compliance with the state's laws and protection of rights for both the guarantor and the corporation.