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.
Santa Clara California Joint and Several Guaranty of Performance and Obligations
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Multi-State
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Santa Clara
Control #:
US-OL4A024C
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FAQ
California's anti-union laws primarily target practices that may inhibit workers' rights to unionize or negotiate collectively. While these laws do not directly impact the Santa Clara California Joint and Several Guaranty of Performance and Obligations, understanding these regulations can be crucial for businesses operating in the state. Companies should comply with labor laws to maintain fair practices and avoid potential legal disputes.
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.
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.
If the limited guaranties provide for joint and several liability of $500,000, this means that only the total amount of $500,000 is guarantied by the two guarantors regardless of which one repays it or in what proportions.
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.
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 important distinction to remember is that a co-borrower is primarily liable for the debt from its inception. In contrast, a guarantor is not liable unless the underlying borrower defaults and, depending on the terms of the guaranty, the lender pursues collection efforts against the borrower.
The guarantor becomes obligated to repay the borrower's loan, regardless of whether the guarantor is directly involved in the loan transaction between the lender and the borrower.
Guarantors for a joint tenancy Joint tenants are 'jointly and severally liable' for rent. This means each joint tenant can be held liable for the total amount of rent, not just their share.
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.