Suffolk New York Joint and Several Guaranty of Performance and Obligations

• Category: Landlord Tenant - Commercial Leases
• State: Multi-State
• County: Suffolk
• 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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FAQ

What is the difference between guarantee and guaranty?

Guarantee can refer to the agreement itself as a noun, and the act of making the agreement as a verb. Guaranty is a specific type of guarantee that is only used as a noun.

What is guarantee of payment?

A deed guaranteeing the performance of a party's payment obligations under a commercial agreement. For drafting purposes, one party agrees to guarantee to the other party the payment obligations of a third party under a commercial agreement.

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 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 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 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 a guaranty of payment and performance and a guaranty of collection?

Put another way, a guaranty of collection requires that the debtor must exhaust certain remedies against the debtor before proceeding against the guarantor, while a guaranty of payment means that the lender can proceed directly against the guarantor even if the debtor is solvent and otherwise able to pay.

What is a performance guaranty?

Performance Guaranty means any guaranty issued in connection with any Non-Recourse Debt that (i) if secured, is secured only by assets of or Capital Stock of a Project Financing Subsidiary, and (ii) guarantees to the provider of such Non-Recourse Debt or any other Person (a) performance of the improvement, installment,

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 a guaranty of payment and performance?

A guaranty of payment is an independent agreement by a person or an entity to pay the loan when it goes into default. Even if the borrower is unable or unwilling to pay back the loan, the Bank can require the guarantor to pay it back.

Whats the meaning of guaranty?

Definition of guaranty (Entry 1 of 2) 1 : an undertaking to answer for the payment of a debt or the performance of a duty of another in case of the other's default or miscarriage. 2 : guarantee sense 3. 3 : guarantor. 4 : something given as security (see security sense 2) : pledge used our house as a guaranty for the

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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 when multiple parties are held responsible for fulfilling a contract or obligation. Each party can be individually held accountable or all parties collectively can be held responsible.

Can you explain the concept of Joint and Several Liability in simpler terms?

Certainly! Joint and Several Liability means that if you and your friends jointly owe a debt, each of you can be held responsible for the entire debt. It's like sharing the blame for something.

Do all parties have equal responsibility in a Joint and Several Guaranty?

No, the responsibilities can be divided unequally. It's like sharing a cake unequally, where some people have to take on a larger piece of the responsibility.

What happens if one party in a Joint and Several Guaranty fails to fulfill their obligations?

In such a situation, the other parties may have to step in and fulfill the obligations on behalf of the defaulting party. They would bear the burden or clean up the mess caused by the other party.

Is it possible for one party to be held solely responsible in a Joint and Several Guaranty?

Yes, it is possible. If one party is entirely at fault or unable to fulfill their obligations, they can be solely held responsible. It's like being left to carry the can all by yourself.

Can a Joint and Several Guaranty be changed or modified?

Yes, it can be modified if all parties involved agree to the changes. It's like reaching a consensus to tweak the terms of an agreement.

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