Guaranty of Lease Payments

GUARANTY (LEASE)

 

In consideration of and in order to induce _________________________, to enter into that certain Lease, a copy of which is attached hereto and made a part hereof for all purposes, (the “Lease”), of even date herewith executed by and between __________________________, (the “Lessee”), and (the “Lessor”), the undersigned (the “Guarantor“) hereby:

1.         Unconditionally and absolutely guarantees to Lessor, the full and prompt payment and performance by the Lessee of all of its obligations under and pursuant to the Lease, together with the full and prompt payment of any and all costs and expenses of and incidental to the enforcement of this Guaranty, including, without limitation, reasonable attorneys’ fees.

2.         Agrees that Lessor, may from time to time, without notice to Guarantor, which notice is hereby waived by Guarantor, extend, waive, renew or compromise the Lease, in whole or in part, without releasing, extinguishing or affecting in any manner whatsoever the liability of Guarantor hereunder, the foregoing acts being hereby consented to by Guarantor.

3.         Agrees that this Guaranty shall remain in full force and effect and be binding upon Guarantor until the Lease is performed in full.

4.         Agrees that so long as any portion of the Lease is due and owing or to become due and owing by the Lessee to Lessor, the Guarantor shall not, without the prior written consent of Lessor, collect or seek to collect from the Lessee the claim, if any, by subrogation or otherwise, acquired by the Guarantor or through payment of any of the Lease.

5.         Agrees that the possession of this instrument of guaranty by Lessor shall be conclusive evidence of due execution and delivery hereof by Guarantor.

6.         Agrees that this Guaranty shall be binding upon the legal representatives, successors and assigns of Guarantor, and shall inure to the benefit of Lessor and its successors, assigns and legal representatives.

7.         Agrees that Guarantor may be joined in any action or proceeding commenced against the Lessee in connection with or based upon the Lease and recovery may be had against Guarantor in any such action or proceeding or in any independent action or proceeding against Guarantor should the Lessee fail to duly and punctually pay and perform any of the obligations of the Lease without any requirement that Lessor first assert, prosecute or exhaust any remedy or claim against the Lessee.

  1. Agrees that this Guaranty shall be deemed a contract made under and pursuant to the laws of the State of __________________ and shall be governed by and construed under the laws of such state; and that, wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of the Guaranty.

9.         Agrees that no failure on the part of Lessor to exercise, and no delay in exercising, any right or remedy hereunder shall operate as or constitute a waiver thereof; nor shall any single or partial exercise of any right or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right or remedy granted hereby or by any related document or by law.

10.       The Guarantor agrees that (i) the Guarantor has received legal and adequate consideration for the execution of this Guaranty and has executed and delivered this Guaranty to Lessor in good faith in exchange for reasonably equivalent value; (ii) the Guarantor is not presently insolvent and will not be rendered insolvent by virtue of the execution and delivery of this Guaranty; (iii) the Guarantor has not executed or delivered this Guaranty with actual intent to hinder, delay or defraud the Guarantor’s creditors; and (iv) that Lessor has entered into the Lease in reliance upon this Guaranty.

Dated as of this ___ day of _____________, 20___ .

GUARANTOR

____________________________

STATE OF _______________________

COUNTY OF _____________________

The foregoing instrument was acknowledged before me, this the ___ day of ______________, 20___ by _________________________________.

_______________________________

NOTARY PUBLIC

MY COMMISSION EXPIRES:

______________________

State Specific Landlord Tenant Agreement Forms

—-For State Specific Landlord Tenant Agreement Forms you can download in Word Format go to

http://www.uslegalforms.com/landlordtenant/


Inside Guaranty of Lease Payments