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.
Virginia Joint and Several Guaranty of Performance and Obligations is a legal concept that holds multiple individuals or entities responsible for fulfilling a contractual agreement, loan, debt, or any other obligation. It is commonly used in business transactions, partnerships, and contracts where there is more than one guarantor or debtor. In Virginia, there are two main types of Joint and Several guaranties: Joint and Several liabilities and Joint and Several sureties. These terms refer to the different roles and responsibilities that guarantors or sureties assume in fulfilling the obligations: 1. Joint and Several liabilities: This type of guaranty holds each guarantor accountable for the entire obligation. In case of default, the creditor can choose to pursue the entire obligation from any single guarantor or divide it among them as they see fit. This means that a creditor can target any individual guarantor for the full amount owed, regardless of the other guarantors' ability to pay. 2. Joint and Several sureties: This type of guaranty involves multiple guarantors who agree to be collectively responsible for fulfilling the obligation. However, each surety's liability is limited to their share or proportionate amount as mentioned in the agreement. In case of default, the creditor can choose to pursue the full amount from any surety individually, but they cannot demand more than each surety's respective share. The Virginia Joint and Several Guaranty of Performance and Obligations provides greater flexibility to creditors as it allows them to seek repayment from any guarantor, regardless of their financial ability or involvement. This ensures that the creditor's rights are protected and increases the chances of recovering the owed amount. It's important to note that while Joint and Several guaranties is a powerful legal instrument, it also comes with certain risks for guarantors. It is crucial for individuals entering into such agreements to thoroughly understand their rights and obligations, and seek legal advice if necessary. In conclusion, Virginia Joint and Several Guaranty of Performance and Obligations is a legal framework that holds multiple guarantors responsible for fulfilling an obligation. The two main types, Joint and Several liabilities and Joint and Several sureties, differ in terms of the extent of individual liability assigned to each guarantor. It provides flexibility to creditors, but guarantors should be aware of their rights and seek legal guidance when necessary.Virginia Joint and Several Guaranty of Performance and Obligations
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Types of Torts in Virginia: List of Causes of Action. There are many tort causes of action available to you. Attorneys divide these tort claims into several categories: Intentional Torts, Negligence, Strict Liability, Reputation-Based Torts, Property Torts, Nuisance, and Workers Compensation.
Joint liability is different from joint and several liability in that in joint liability the responsibility is spread equally among the defendants whereas in joint and several liability responsibility shifts depending on the degree/share of defendant's responsibility that is found by a judge or a jury.
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.
Some states follow a more enlightened version of the fault law called "comparative negligence." Alas, Virginia still chooses what is known as the "pure contributory negligence rule." That means the other person has to be 100 percent at fault or you can't collect any monetary damages.
Exceptions: each defendant is responsible for the fault of another person if the two were acting in concert to commit an intentional tort, if the other person was acting as agent or servant of the party, or the party's liability for the fault of another person arises out of a duty created by the federal employers' ...
Joint and several liability is a legal term for a responsibility shared by two or more parties to a lawsuit. A wronged party may sue any or all of them, as well as collect the total damages awarded by a court from any or all of them. In such cases, responsibility for the total amount awarded would be shared by all.
Virginia follows pure joint and several liability law. This means that all defendants have a right to contribution, or a responsibility to share the liability. If you or a loved one is involved in a personal injury case involving multiple defendants, joint and several liability will likely come into play.
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... Virginia (the “Department”) with respect to the obligations of ... the Guarantor hereunder, as a joint and several obligor with the Guarantor if the Guarantor. (a) Subject to Section 2.1(d) below, the Guarantors, jointly and severally, unconditionally and irrevocably guarantee the full and prompt (i) payment in full ...Guarantor absolutely, unconditionally and irrevocably guarantees to Landlord the full, faithful and prompt performance of all obligations imposed on Tenant by ... (a) Except as otherwise provided in the instrument, two or more persons who have the same liability on an instrument as makers, drawers, acceptors, endorsers ... A veteran or active duty servicemember who is eligible for a Specially Adapted Housing. (SAH) grant can apply for a GI home loan from a private lender to cover ... This Bond shall cover the cost to perform all the obligations of Contractor ... affect the parties' continuing joint and several obligations for payment to JAMS ... The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole ... ... joint or several (collectively, the "Obligations"). GUARANTOR'S OBLIGATION ... the failure of AEP to so file shall not affect Guarantor's obligations hereunder. Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due, whether at maturity or ... complete their performance bond obligations.132 d. Surety v. Third-Party Claimants. “In the ordinary case, a court is not confronted with a priority dispute.