This office lease form is a detailed guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due as well as all listed obligations within this form.
Wayne, Michigan is a city located in Wayne County, Michigan. It is known for its vibrant community and numerous amenities. When it comes to commercial leases in Wayne, Michigan, landlords often require tenants to sign a Detailed Form of Good Guy Guaranty. A Good Guy Guaranty is a type of agreement in which a guarantor, typically the tenant's corporate officer or principal, agrees to personally guarantee the tenant's obligations under a lease. This means that if the tenant defaults on their lease payments or breaches any other terms of the lease, the guarantor becomes personally liable for the remaining lease obligations. The Detailed Form of Good Guy Guaranty used in Wayne, Michigan, encompasses various clauses that outline the specific terms and conditions of the guarantee. It typically includes provisions such as: 1. Identification of the parties: The guarantor's and tenant's full legal names and contact details are listed in the agreement. 2. Term and lease details: The lease commencement and termination dates, as well as the address and unit number of the leased property, are specified. 3. Guaranty amount: The guarantor agrees to guarantee payment of a specific amount, which typically includes rent, common area maintenance charges, taxes, insurance, and any other additional fees outlined in the lease agreement. 4. Tenant obligations: The guarantor acknowledges the tenant's obligations under the lease, including the payment of rent, compliance with the lease terms, and maintenance of the property. 5. Guarantor liability: The guarantor accepts personal liability for any rent or damages owed by the tenant in case of default or breach. 6. Termination and release: The Detailed Form of Good Guy Guaranty may include provisions for the guarantor's release from liability, typically upon the satisfactory fulfillment of the tenant's obligations under the lease or at the end of a specific time period, such as the "Good Guy Guarantor" period. It is important to note that different landlords or legal professionals in Wayne, Michigan might have their own versions of the Detailed Form of Good Guy Guaranty, tailored to their specific requirements. However, the core elements mentioned above are typically covered in all variations. In summary, Wayne, Michigan, requires a Detailed Form of Good Guy Guaranty for commercial leases. This agreement ensures that a guarantor takes personal responsibility for the tenant's lease obligations, providing security for the landlord.Wayne, Michigan is a city located in Wayne County, Michigan. It is known for its vibrant community and numerous amenities. When it comes to commercial leases in Wayne, Michigan, landlords often require tenants to sign a Detailed Form of Good Guy Guaranty. A Good Guy Guaranty is a type of agreement in which a guarantor, typically the tenant's corporate officer or principal, agrees to personally guarantee the tenant's obligations under a lease. This means that if the tenant defaults on their lease payments or breaches any other terms of the lease, the guarantor becomes personally liable for the remaining lease obligations. The Detailed Form of Good Guy Guaranty used in Wayne, Michigan, encompasses various clauses that outline the specific terms and conditions of the guarantee. It typically includes provisions such as: 1. Identification of the parties: The guarantor's and tenant's full legal names and contact details are listed in the agreement. 2. Term and lease details: The lease commencement and termination dates, as well as the address and unit number of the leased property, are specified. 3. Guaranty amount: The guarantor agrees to guarantee payment of a specific amount, which typically includes rent, common area maintenance charges, taxes, insurance, and any other additional fees outlined in the lease agreement. 4. Tenant obligations: The guarantor acknowledges the tenant's obligations under the lease, including the payment of rent, compliance with the lease terms, and maintenance of the property. 5. Guarantor liability: The guarantor accepts personal liability for any rent or damages owed by the tenant in case of default or breach. 6. Termination and release: The Detailed Form of Good Guy Guaranty may include provisions for the guarantor's release from liability, typically upon the satisfactory fulfillment of the tenant's obligations under the lease or at the end of a specific time period, such as the "Good Guy Guarantor" period. It is important to note that different landlords or legal professionals in Wayne, Michigan might have their own versions of the Detailed Form of Good Guy Guaranty, tailored to their specific requirements. However, the core elements mentioned above are typically covered in all variations. In summary, Wayne, Michigan, requires a Detailed Form of Good Guy Guaranty for commercial leases. This agreement ensures that a guarantor takes personal responsibility for the tenant's lease obligations, providing security for the landlord.
