Are personal guarantees enforceable in California?

The "guarantor" is the person guarantying the debt while the party who originally incurred the debt is the "principle" and the creditor is the "guaranteed party." Under California law, if properly drafted, a guaranty is a fully enforceable obligation which allows the guaranteed party to proceed directly against the

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Personal Guaranty - Guarantee of Contract for the Lease and Purchase...

Orange California Personal Guaranty - Guarantee of Contract for the Lease and Purchase of Real Estate

Name: Orange California Personal Guaranty - Guarantee of Contract for the Lease and Purchase of Real Estate
Brand: US Legal Forms
Rating: 4.62 (372 reviews)

Category:

Landlord Tenant - Guaranty

State:

Multi-State

County:

Orange

Control #:

US-60752

Format:

Instant download

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Description

Purchaser has requested that seller enter into a contract for the lease and purchase of real estate for certain property. As an inducement to seller to enter into the contract for the lease and purchase of real estate, guarantor has agreed to personally guarantee the payment and performance of all of purchaser's obligations, conditions and covenants as set forth in the contract for the lease and purchase of real estate.

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FAQ

A personal guaranty is not enforceable without consideration In fact, no contract is enforceable without consideration. A personal guaranty is a type of contract. A contract is an enforceable promise.

The main disadvantage of a personal guarantee is very simple. If your business becomes unable to pay its debt, you become personally liable for it. That means the lender can pursue you personally and that puts your personal assets (including your home) at risk.

The main technical requirement for a guarantee to be valid is that it must be in writing and signed by the guarantor or a person authorised on the guarantor's behalf.

How to Limit a Personal Guarantee Refuse to sign or simply cross out the guarantee language.Define when the personal guarantee would go into effect.Decrease personal guarantee with improved business performance or passage of time.Limit a guarantee.Revoke old guarantees.Suggest terms of relief.

Consult with an attorney on what your options are. Show proof of consistent revenues and profits (P&L statements, balance sheets, etc) Ask for an amendment to the lease after 12-24 months. Ask for the guarantee to expire after 12-24 months as long as you have paid rent payments on time.

To be enforceable as a personal guaranty, the signatory must sign the guaranty in his or her personal capacity and not as the president or CEO of the company receiving the loan, which is its own legal entity, separate and apart from the people that run and operate it.

A personal guarantee puts the tenant's own assets such as real estate, savings, or other valuables on the line should their business not be in a position to pay rent or other lease obligations.

If you sign a personal guarantee, you are personally liable for the loan balance or a portion thereof. If your business later defaults on the loan, anyone who signed the personal guarantee can be held responsible for the remaining balance, even after the lender forecloses on the loan collateral.

The "guarantor" is the person guarantying the debt while the party who originally incurred the debt is the "principle" and the creditor is the "guaranteed party." Under California law, if properly drafted, a guaranty is a fully enforceable obligation which allows the guaranteed party to proceed directly against the

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Orange California Personal Guaranty - Guarantee of Contract for the Lease and Purchase of Real Estate

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Do personal guarantees hold up in court?

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Are personal guarantees enforceable in California?

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