Phoenix Arizona Personal Guaranty - Guarantee of Lease to Corporation

• Category: Landlord Tenant - Guaranty
• State: Multi-State
• City: Phoenix
• 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. Phoenix Arizona Personal Guaranty — Guarantee of Lease to Corporation is a legal agreement used in commercial real estate transactions in Phoenix, Arizona. It is a type of contract in which an individual (the personal guarantor) agrees to be responsible for the financial obligations of a corporation (the tenant) in case of default or non-payment under a lease agreement. This personal guaranty serves as an additional layer of security for the landlord or property owner, ensuring that they have recourse to recover unpaid rent, damages, or other expenses from the personal assets of the guarantor if the corporation fails to fulfill its obligations. Keywords: Phoenix Arizona, personal guaranty, guarantee of lease, corporation, commercial real estate, legal agreement, financial obligations, default, non-payment, lease agreement, landlord, property owner, unpaid rent, damages, additional security, personal assets. Different types of Phoenix Arizona Personal Guaranty — Guarantee of Lease to Corporation: 1. Limited personal guaranty: In this type of personal guaranty, the liability of the guarantor is limited to a specific dollar amount or time period. Once the limit is reached, the guarantor is no longer responsible for any further obligations. 2. Unconditional personal guaranty: This type of guaranty has no limitations or restrictions. The guarantor is fully responsible for all financial obligations of the corporation under the lease agreement, regardless of the amount or duration. 3. Joint and several personal guaranties: With this type of guaranty, multiple individuals guarantee the lease obligations of the corporation. Each individual is individually and collectively responsible for the entire amount owed. If one guarantor fails to fulfill their obligations, the others must cover their share. 4. Conditional personal guaranty: This type of guaranty applies certain conditions or triggers under which the guarantor becomes liable, such as the corporation's bankruptcy, violation of specific lease terms, or failure to maintain required insurance. It is essential to consult with a legal professional when entering into any agreement, including Phoenix Arizona Personal Guaranty — Guarantee of Lease to Corporation, to ensure that all parties understand their rights, obligations, and potential liabilities.

Phoenix Arizona Personal Guaranty — Guarantee of Lease to Corporation is a legal agreement used in commercial real estate transactions in Phoenix, Arizona. It is a type of contract in which an individual (the personal guarantor) agrees to be responsible for the financial obligations of a corporation (the tenant) in case of default or non-payment under a lease agreement. This personal guaranty serves as an additional layer of security for the landlord or property owner, ensuring that they have recourse to recover unpaid rent, damages, or other expenses from the personal assets of the guarantor if the corporation fails to fulfill its obligations. Keywords: Phoenix Arizona, personal guaranty, guarantee of lease, corporation, commercial real estate, legal agreement, financial obligations, default, non-payment, lease agreement, landlord, property owner, unpaid rent, damages, additional security, personal assets. Different types of Phoenix Arizona Personal Guaranty — Guarantee of Lease to Corporation: 1. Limited personal guaranty: In this type of personal guaranty, the liability of the guarantor is limited to a specific dollar amount or time period. Once the limit is reached, the guarantor is no longer responsible for any further obligations. 2. Unconditional personal guaranty: This type of guaranty has no limitations or restrictions. The guarantor is fully responsible for all financial obligations of the corporation under the lease agreement, regardless of the amount or duration. 3. Joint and several personal guaranties: With this type of guaranty, multiple individuals guarantee the lease obligations of the corporation. Each individual is individually and collectively responsible for the entire amount owed. If one guarantor fails to fulfill their obligations, the others must cover their share. 4. Conditional personal guaranty: This type of guaranty applies certain conditions or triggers under which the guarantor becomes liable, such as the corporation's bankruptcy, violation of specific lease terms, or failure to maintain required insurance. It is essential to consult with a legal professional when entering into any agreement, including Phoenix Arizona Personal Guaranty — Guarantee of Lease to Corporation, to ensure that all parties understand their rights, obligations, and potential liabilities.