Kings New York Joint and Several Guaranty of Performance and Obligations

• Category: Landlord Tenant - Commercial Leases
• State: Multi-State
• County: Kings
• Control #: US-OL4A024C
• Format: Word; PDF

Description

This office lease form is a guranty that absolutely, unconditionally and irrevocably guarantees the landlord the full and prompt performance and observance of all of the tenant's obligations under the lease, including, and without limitation, the full and prompt payment of all rent and additional rent payable by the tenant under the lease and tenant's indemnity obligations benefiting the landlord under the lease.

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How to fill out Kings New York Joint And Several Guaranty Of Performance And Obligations?

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FAQ

What is jointly and severally?

In a legally binding document, the term jointly and severally clarifies the responsibility that is shared by each party to an agreement. Essentially, it states that all of those named are obligated to perform all of the actions required under the agreement.

What is the meaning of joint and several guarantee?

In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, the others named must pay more than their share.

What does several mean in joint and several?

The term joint liability refers to the share of liability assigned to two or more parties involved in a business. Several liability refers to a situation when all parties are liable for their respective contribution to the tortious act. Another variation of joint liability is the joint and several liability.

What does joint or severally mean?

Definition of jointly and severally : both together and separately Both spouses are jointly and severally liable for the tax.

What is the difference between jointly and jointly and severally?

There is a basic difference between joint liability and several liability. The term joint liability refers to the share of liability assigned to two or more parties involved in a business. Several liability refers to a situation when all parties are liable for their respective contribution to the tortious act.

What is a guaranty of performance?

Under a performance guarantee for the completion of construction, the guarantor is guaranteeing that the completion of a project occurs by a specified date, but if the contractor fails to achieve this date then the guarantor may simply be liable in damages.

What is the meaning of severally and jointly?

The term jointly and severally indicates that all parties are equally responsible for carrying out the full terms of an agreement. In a personal liability case, for example, each party named may be pursued for repayment of the entire amount due.

What does joint guarantee mean?

A joint guarantee means the signatories are jointly liable as a group for the borrower's indebtedness. If one guarantor does not pay, the others are on the hook to fulfill the group's obligation to repay the full amount of that indebtedness.

What is the difference between joint and joint and several?

The term joint liability refers to the share of liability assigned to two or more parties involved in a business. Several liability refers to a situation when all parties are liable for their respective contribution to the tortious act.

What does it mean to be jointly and severally liable?

When two or more parties are jointly and severally liable for a tortious act, each party is independently liable for the full extent of the injuries stemming from the tortious act.

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Interesting Questions

What is a Joint and Several Guaranty of Performance and Obligations?

In simple words, a Joint and Several Guaranty of Performance and Obligations is a legal agreement where multiple parties agree to be responsible for fulfilling a certain obligation. It's like a team effort, where each member can be held individually accountable for the whole task.

Who are the parties involved in a Joint and Several Guaranty?

Typically, the parties involved are the guarantor (person providing the guarantee), the creditor (person receiving the guarantee), and the debtor (person who owes a certain obligation). It's like a triangle of responsibility.

How does a Joint and Several Guaranty work?

Imagine you and a friend borrow money from someone. With Joint and Several Guaranty, both you and your friend are responsible for repaying the full amount, not just your share. If your friend can't pay their part, you could be held responsible for the entire debt. It's like having each other's back, but also bearing the risk.

What happens if one party can't fulfill their obligation in a Joint and Several Guaranty?

In such a scenario, the remaining party/parties would still be liable to fulfill the entire obligation. It's like carrying the weight on your shoulders when someone else drops it.

Can a creditor choose whom to hold accountable in a Joint and Several Guaranty?

Yes, the creditor has the right to hold any or all parties accountable for the full obligation. It's like being able to pick the weakest link or go after all the responsible parties.

Can a party in a Joint and Several Guaranty seek contribution or reimbursement?

Absolutely! If one party ends up paying more than their share, they can seek reimbursement from other parties involved. It's like being repaid for covering your friend's part of the dinner bill.

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CITY - The City of Hanford, Kings County, California. 0 million per contract .

SUMMER HARBOR — The City of Hanford, Kings County, California. 1 million per contract. SAN FRANCISCO / SACRAMENTO — The City of San Francisco, California. 858 million per contract. TO'CA, MEXICO — The City of Toluca, Mexico. 1.4 million per contract. ANDY HILL — The City of Vineland, New Jersey. 1,724,843 per contract. ULTRA, GERMANY — The City of Zürich, Germany.

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