This office lease form is loosely worded guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due under the Lease.
Washington Bare-bones Common Form of Good Guy Guaranty is a legal document commonly used in commercial real estate leases. The guaranty is a contract in which a third party, known as the "guarantor," agrees to be responsible for the obligations and liabilities of the tenant, also known as the "guaranteed party," in case of default. This form of guaranty is referred to as "bare bones" because it contains only essential terms, providing a concise and straightforward liability framework. It offers protection to the landlord by creating a secondary source of payment in case the tenant fails to meet its obligations under the lease agreement. Key elements typically included in a Washington Bare-bones Common Form of Good Guy Guaranty are: 1. Identity of the parties: The guaranty begins by identifying the guarantor, the tenant, and the landlord, providing their legal names and contact details. 2. Lease agreement reference: The guaranty should reference the specific lease agreement for which it applies, including the date and any relevant identification numbers. 3. Guarantee clause: This section outlines the guarantor's promise to guarantee the tenant's obligations and liabilities. It specifies that the guarantor will be held responsible for rent payments and any other financial obligations stated in the lease. 4. Incorporation by reference: The guaranty often incorporates the terms and conditions of the lease agreement by reference, making the guarantor liable for the same obligations as the tenant. 5. Waiver of defenses: The guarantor typically waives any rights to defend or offset the tenant's defaults, limiting their ability to dispute their liability. 6. Indemnification: The guarantor agrees to indemnify the landlord for any losses or damages incurred as a result of the tenant's default. 7. Governing law and jurisdiction: This clause specifies that the guaranty is governed by the laws of Washington and designates the courts or arbitration forums in which disputes will be settled. It is important to note that while the Washington Bare-bones Common Form of Good Guy Guaranty contains essential provisions, variations may exist based on specific lease agreements or negotiations between parties. Additional clauses may be included to address rent escalation, specific tenant responsibilities, lease term extensions, or other specific terms relevant to the lease agreement. Overall, the Washington Bare-bones Common Form of Good Guy Guaranty provides a simplified but legally enforceable framework for landlords to secure financial stability when entering into lease agreements with commercial tenants.Washington Bare-bones Common Form of Good Guy Guaranty is a legal document commonly used in commercial real estate leases. The guaranty is a contract in which a third party, known as the "guarantor," agrees to be responsible for the obligations and liabilities of the tenant, also known as the "guaranteed party," in case of default. This form of guaranty is referred to as "bare bones" because it contains only essential terms, providing a concise and straightforward liability framework. It offers protection to the landlord by creating a secondary source of payment in case the tenant fails to meet its obligations under the lease agreement. Key elements typically included in a Washington Bare-bones Common Form of Good Guy Guaranty are: 1. Identity of the parties: The guaranty begins by identifying the guarantor, the tenant, and the landlord, providing their legal names and contact details. 2. Lease agreement reference: The guaranty should reference the specific lease agreement for which it applies, including the date and any relevant identification numbers. 3. Guarantee clause: This section outlines the guarantor's promise to guarantee the tenant's obligations and liabilities. It specifies that the guarantor will be held responsible for rent payments and any other financial obligations stated in the lease. 4. Incorporation by reference: The guaranty often incorporates the terms and conditions of the lease agreement by reference, making the guarantor liable for the same obligations as the tenant. 5. Waiver of defenses: The guarantor typically waives any rights to defend or offset the tenant's defaults, limiting their ability to dispute their liability. 6. Indemnification: The guarantor agrees to indemnify the landlord for any losses or damages incurred as a result of the tenant's default. 7. Governing law and jurisdiction: This clause specifies that the guaranty is governed by the laws of Washington and designates the courts or arbitration forums in which disputes will be settled. It is important to note that while the Washington Bare-bones Common Form of Good Guy Guaranty contains essential provisions, variations may exist based on specific lease agreements or negotiations between parties. Additional clauses may be included to address rent escalation, specific tenant responsibilities, lease term extensions, or other specific terms relevant to the lease agreement. Overall, the Washington Bare-bones Common Form of Good Guy Guaranty provides a simplified but legally enforceable framework for landlords to secure financial stability when entering into lease agreements with commercial tenants.
