This office lease provision states that the guarantor's liability is not affected or impaired by any delay by or failure of the landlord in enforcing any of its rights or remedies under the lease or at law, or by any deferral, waiver, or release of the tenant's obligations under the lease or any forbearance by the landlord in exercising any of its rights and remedies or by any other action, inaction, or omission by the landlord. This guaranty is independent of any security or remedies which the landlord has under the law.
New York Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord
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How to fill out Provision Of Guaranty Stating That It Is Unaffected By Any Waiver Or Forbearance By Landlord?
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FAQ
Personal guarantees are binding contracts, and from the moment the guarantee is in writing it becomes legally enforceable. There is no set time period during which a guarantee can be valid - it depends on the specifics set out in the particular guarantee.
Hear this out loud PauseThe usual way that a guaranty is enforced is through a written demand (although this is not usually required in most forms) followed by the filing of a law suit. If the guarantor has pledged collateral to secure the guaranty obligation, foreclosure proceedings against that will often be commenced.
Insist on Absolute and Unconditional Liability Holding the guarantor absolutely and unconditionally liable for the debt is also very important. What this means is that the guarantor promises to pay or perform the obligations of the debtor as soon as the debtor defaults.
Hear this out loud PauseA lease guaranty is a contract between an individual or entity (guarantor) that is typically related to the tenant. The guarantor promises to pay the landlord any and all payments due under the lease in the event the tenant defaults under its lease obligations and otherwise cure the tenant's defaults.
In essence, the guarantee contract is collateral to the principal contract. Its enforceability arises when the contingency is met. The contingency, of course, is that the principal debtor has defaulted.
A guarantee is a binding promise of one person (the guarantor), to be answerable for the debt or obligation of another (the debtor), if that other defaults. Guarantees become enforceable by the person to whom the guarantee has been given (the creditor) when debtors have defaulted on their obligations.
