Queens New York Joint and Several Guaranty of Performance and Obligations

• Category: Landlord Tenant - Commercial Leases
• State: Multi-State
• County: Queens
• 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 Queens 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 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 joint and several mean in law?

Joint and several liability is a legal term for a responsibility that is shared by two or more parties to a lawsuit. A wronged party may sue any or all of them, and collect the total damages awarded by a court from any or all of them.

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 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.

Is joint and several liability the same a guarantee?

Most guarantees in today's market are drafted as joint and several guarantees, meaning that each guarantor is both jointly liable (as a member of the group) and individually liable (on its own separately), to the lender for the repayment in full of a borrower's indebtedness.

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.

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 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.

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Interesting Questions

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

A Joint and Several Guaranty of Performance and Obligations is a legal agreement where multiple parties agree to be responsible for fulfilling a contract or loan obligation. Each party can be held individually liable for the entire obligation.

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

The parties involved in Joint and Several Guaranty are the guarantor(s), who assume the responsibility, and the obligee, who is the recipient of the guarantee.

Why would someone opt for a Joint and Several Guaranty of Performance and Obligations?

Choosing a Joint and Several Guaranty can provide greater assurance to the obligee as it allows them to hold any or all guarantors accountable for the full performance or payment, even if others default.

What does it mean to be 'jointly' liable under a Joint and Several Guaranty?

Being 'jointly' liable means that each guarantor is responsible for fulfilling the entire obligation together with the other guarantors.

What does it mean to be 'severally' liable under a Joint and Several Guaranty?

Being 'severally' liable means that each guarantor can be held individually responsible for the full obligation, regardless of the other guarantors' actions or ability to pay.

What happens if one guarantor defaults on their obligation?

If one guarantor defaults on their obligation, the remaining guarantors may be required to cover their share of the obligation, ensuring the entire obligation is fulfilled.

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