Washington 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 Washington Personal Guaranty — Guarantee of Lease to Corporation is a legally binding agreement between an individual (guarantor) and a corporation, where the guarantor provides a guarantee of lease payments and other obligations on behalf of the corporation. This agreement ensures that the landlord is protected in case the corporation defaults on its lease obligations. In Washington, there are two main types of personal guaranties: 1. Limited Personal Guaranty: Under this type of guaranty, the guarantor's liability is restricted to a specific amount or time frame. The guarantor's responsibility is limited to a predetermined extent, providing some level of protection. 2. Unlimited Personal Guaranty: In contrast, an unlimited personal guaranty holds the guarantor fully responsible for all lease obligations and liabilities of the corporation. There are no restrictions on the guarantor's liability, making it a more comprehensive guarantee for the landlord. When entering into a Washington Personal Guaranty — Guarantee of Lease to Corporation, it is important to include key elements such as: 1. Parties Involved: Clearly identify all parties, including the guarantor, the corporation, and the landlord. Specify their legal names, addresses, and contact information. 2. Lease Details: Include comprehensive information about the lease, such as the location of the premises, lease term, start and end dates, renewal options, and any specific terms or conditions. 3. Guarantor's Obligations: State the guarantor's obligations, which typically include guaranteeing the corporation's rent payments, taxes, insurance, and any other obligations as outlined in the lease agreement. 4. Liability Limits: Specify whether the guaranty is limited or unlimited, clearly defining the extent of the guarantor's liability should the corporation default. 5. Indemnification: Include a clause indicating that the guarantor will indemnify and hold the landlord harmless from any losses, damages, or costs incurred due to the corporation's default. 6. Governing Law: Include a provision stating that the agreement shall be governed by and interpreted according to the laws of the state of Washington. 7. Severability: Add a severability clause to ensure that if any provision of the agreement is deemed invalid or unenforceable, the remaining provisions will still be binding. It is crucial for both the guarantor and the corporation to carefully review and understand the terms of the Washington Personal Guaranty — Guarantee of Lease to Corporation before signing. Seeking legal advice is highly recommended ensuring compliance with Washington state laws and to protect the interests of all parties involved.

A Washington Personal Guaranty — Guarantee of Lease to Corporation is a legally binding agreement between an individual (guarantor) and a corporation, where the guarantor provides a guarantee of lease payments and other obligations on behalf of the corporation. This agreement ensures that the landlord is protected in case the corporation defaults on its lease obligations. In Washington, there are two main types of personal guaranties: 1. Limited Personal Guaranty: Under this type of guaranty, the guarantor's liability is restricted to a specific amount or time frame. The guarantor's responsibility is limited to a predetermined extent, providing some level of protection. 2. Unlimited Personal Guaranty: In contrast, an unlimited personal guaranty holds the guarantor fully responsible for all lease obligations and liabilities of the corporation. There are no restrictions on the guarantor's liability, making it a more comprehensive guarantee for the landlord. When entering into a Washington Personal Guaranty — Guarantee of Lease to Corporation, it is important to include key elements such as: 1. Parties Involved: Clearly identify all parties, including the guarantor, the corporation, and the landlord. Specify their legal names, addresses, and contact information. 2. Lease Details: Include comprehensive information about the lease, such as the location of the premises, lease term, start and end dates, renewal options, and any specific terms or conditions. 3. Guarantor's Obligations: State the guarantor's obligations, which typically include guaranteeing the corporation's rent payments, taxes, insurance, and any other obligations as outlined in the lease agreement. 4. Liability Limits: Specify whether the guaranty is limited or unlimited, clearly defining the extent of the guarantor's liability should the corporation default. 5. Indemnification: Include a clause indicating that the guarantor will indemnify and hold the landlord harmless from any losses, damages, or costs incurred due to the corporation's default. 6. Governing Law: Include a provision stating that the agreement shall be governed by and interpreted according to the laws of the state of Washington. 7. Severability: Add a severability clause to ensure that if any provision of the agreement is deemed invalid or unenforceable, the remaining provisions will still be binding. It is crucial for both the guarantor and the corporation to carefully review and understand the terms of the Washington Personal Guaranty — Guarantee of Lease to Corporation before signing. Seeking legal advice is highly recommended ensuring compliance with Washington state laws and to protect the interests of all parties involved.