This is a Landlord Tenant Lease Co-Signor Agreement for use by a landlord in contracting with a cosignor on a lease to be liable for rent, damage, etc., if the tenant fails to pay. Cosignor is thereby liable to landlord for payment of rent should tenant not fulfill his/her contractual obligation.
The cosigner is also sometimes be called a guarantor. A guaranty is a contract under which one person (guarantor) agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).
A Thousand Oaks California Landlord Tenant Lease Co-Signer Agreement is a legally binding contract commonly used in the city of Thousand Oaks, California, to outline the terms and conditions between a landlord, a tenant, and a co-signer. This agreement is specifically designed to address the situation when a tenant requires a co-signer to guarantee the lease agreement. The co-signer is an additional party, often a family member or close associate, who assumes financial responsibility for the lease, in case the tenant fails to meet their obligations. The Thousand Oaks California Landlord Tenant Lease Co-Signer Agreement typically includes the following key provisions: 1. Parties: Clearly identifies the parties involved — the landlord, the tenant, and the co-signer — by their legal names and addresses. 2. Property Description: Provides a detailed description of the rental property, including the full address, unit number, and any specific terms related to the lease such as parking spaces or storage areas. 3. Lease Terms: Outlines the duration of the lease agreement, including the start and end dates. It also highlights the rental amount, due dates, acceptable payment methods, and any late fees or penalties for non-payment. 4. Duties and Responsibilities: Defines the specific obligations of both the tenant and the co-signer. This usually includes maintaining the property, paying utilities, avoiding illegal activities, and abiding by the rules and regulations set forth by the landlord or the homeowner association. 5. Terms of Co-Signing: Clarifies the co-signer's role and responsibilities, emphasizing that the co-signer is equally liable for honoring the lease agreement. It may include language regarding the co-signer's consent to a credit check and verification of their financial capability. 6. Financial Liabilities: Clearly outlines the financial obligations of the tenant and the co-signer, such as rent, security deposits, and potential damages to the property beyond normal wear and tear. It may also specify the circumstances under which the co-signer's liability can be terminated, such as if the tenant fulfills their obligations for a certain period. 7. Default and Remedies: Describes the actions that can be taken if either the tenant or the co-signer fails to fulfill their obligations, including eviction procedures, legal fees, and any penalties or interest charges. 8. Governing Law: Specifies that the agreement is governed by the laws of the State of California and any local ordinances of Thousand Oaks. While there may not be different types of Thousand Oaks California Landlord Tenant Lease Co-Signer Agreements per se, the specific terms within the agreement can vary depending on the landlord's preferences and the unique circumstances of the tenancy. Some landlords may have standardized co-signer agreements, while others may tailor the agreement to specific situations or tenants with unique needs.
