This office lease guaranty states that until all obligations of the tenant are fully performed and the lease has expired or terminated, all claims that the guarantor may have against the tenant are subordinated to the landlord's claims against the tenant.
Philadelphia, Pennsylvania Subordination and Deferral of the Guarantors Claims Against the Tenant: In Philadelphia, Pennsylvania, the Subordination and Deferral of the Guarantors Claims Against the Tenant refers to a legal agreement that outlines the priorities and timing of payment for claims made by guarantors against a tenant. This agreement is commonly used in commercial real estate transactions to protect the rights and interests of various parties involved. The Subordination and Deferral of the Guarantors Claims Against the Tenant can be categorized into two main types: general and specific. 1. General Subordination and Deferral: Under this type, the guarantor agrees to subordinate their claims against the tenant to the claims of the primary lender or any other senior lenders involved in the transaction. In simpler terms, the guarantor defers the repayment of their claims until the senior obligations are fulfilled. This provision is usually included to ensure that the primary lender is paid off before any claims are made by the guarantor. 2. Specific Subordination and Deferral: This type focuses on specific claims made by the guarantor against the tenant, such as damages, unpaid rents, or other liabilities. It allows the guarantor to defer the collection of these claims until certain conditions are met, such as the expiration of the lease term or the occurrence of a default event. This provision provides the tenant with temporary relief from immediate financial obligations and allows them to address their financial situation before dealing with the guarantor's claims. Keywords: Philadelphia, Pennsylvania, Subordination, Deferral, Guarantors, Claims, Tenant, Commercial real estate, Transaction, Legal agreement, Priorities, Timing, Payment, Protect, Rights, Interests, General Subordination, Specific Subordination, Repayment, Primary lender, Senior lenders, Senior obligations, Provision, Damages, Unpaid rents, Liabilities, Lease term, Default event, Financial obligations, Relief.Philadelphia, Pennsylvania Subordination and Deferral of the Guarantors Claims Against the Tenant: In Philadelphia, Pennsylvania, the Subordination and Deferral of the Guarantors Claims Against the Tenant refers to a legal agreement that outlines the priorities and timing of payment for claims made by guarantors against a tenant. This agreement is commonly used in commercial real estate transactions to protect the rights and interests of various parties involved. The Subordination and Deferral of the Guarantors Claims Against the Tenant can be categorized into two main types: general and specific. 1. General Subordination and Deferral: Under this type, the guarantor agrees to subordinate their claims against the tenant to the claims of the primary lender or any other senior lenders involved in the transaction. In simpler terms, the guarantor defers the repayment of their claims until the senior obligations are fulfilled. This provision is usually included to ensure that the primary lender is paid off before any claims are made by the guarantor. 2. Specific Subordination and Deferral: This type focuses on specific claims made by the guarantor against the tenant, such as damages, unpaid rents, or other liabilities. It allows the guarantor to defer the collection of these claims until certain conditions are met, such as the expiration of the lease term or the occurrence of a default event. This provision provides the tenant with temporary relief from immediate financial obligations and allows them to address their financial situation before dealing with the guarantor's claims. Keywords: Philadelphia, Pennsylvania, Subordination, Deferral, Guarantors, Claims, Tenant, Commercial real estate, Transaction, Legal agreement, Priorities, Timing, Payment, Protect, Rights, Interests, General Subordination, Specific Subordination, Repayment, Primary lender, Senior lenders, Senior obligations, Provision, Damages, Unpaid rents, Liabilities, Lease term, Default event, Financial obligations, Relief.
