This office lease form is a guranty that absolutely, unconditionally and irrevocably guarantees the landlord the full and prompt performance and observance of all of the tenant's obligations under the lease, including, and without limitation, the full and prompt payment of all rent and additional rent payable by the tenant under the lease and tenant's indemnity obligations benefiting the landlord under the lease.
Oklahoma Joint and Several Guaranty of Performance and Obligations
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US-OL4A024C
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How to fill out Joint And Several Guaranty Of Performance And Obligations?
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FAQ
Under joint and several liability rules, if you are even partly responsible for an incident that a plaintiff can recover compensation for, you are responsible for covering up to the full amount of money due to the plaintiff. You can seek contribution from other defendants if you end up paying more than your fair share.
Good faith. Good faith consists in an honest intention to abstain from taking any unconscientious advantage of another, even through the forms or technicalities of law, together with an absence of all information or belief of facts which would render the transaction unconscientious.
Opponents of the principle of joint and several liability argue that its use is unfair to many defendants. Joint and several liability will lead to cases in which a party who has a very small share of the responsibility for a plaintiff's injury may unfairly shoulder the burden of paying all of the damages.
A joint guarantee means that the signatories as a group are jointly and severally liable for the borrower's debts. If one guarantor fails to pay, the others must meet their obligation to repay that debt in full. The words "jointly" and "severally" refer to the nature of the guarantors' liability under the guarantee.
In law, joint and several liability makes all parties in a lawsuit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, then the others named must pay more than their share until their joint financial obligation has been met.
If several debtors are jointly and severally liable for the same performance, the creditor would always be entitled to claim it from any one of them. So the creditor will, in the ordinary case, presumably opt for the wealthiest among the co-debtors.
For example, if a bank lends $100,000 to two people jointly and severally, both of those people are equally responsible for making sure that the total amount of the loan is repaid to the bank. If the loan is in default, the bank may choose to pursue either for repayment of the entire outstanding balance.
In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, the others named must pay more than their share.