Personal Guaranty Clause Samples
A Personal Guaranty clause requires an individual, often a business owner or principal, to personally assume responsibility for fulfilling the obligations of another party, typically a company, under a contract. In practice, if the company fails to pay a debt or meet contractual terms, the guarantor becomes legally liable to satisfy those obligations using their personal assets. This clause is commonly used in loan agreements or commercial leases to provide additional security to the creditor. Its core function is to reduce the lender’s risk by ensuring that there is a financially responsible individual who can be pursued for payment if the primary party defaults.
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Personal Guaranty. If the tenant’s business is not credible then the landlord should consider having the tenant sign a Personal Guaranty which binds the owner of the Company to the lease. So if the tenant defaults the individual’s assets would be liable, not just the business. Step 9 – Determine the Security Deposit Once the tenant has been approved by the landlord the Security Deposit should be made known to the tenant. In residential real estate, there are State Laws that limit how much a landlord may ask from the tenant. In commercial real estate, there are no limits to how much the landlord would like to charge the tenant. The landlord will commonly ask between 2-3 months rent in case the tenant stops paying the monthly rent or to safeguard against any damage that the tenant may cause during their time on the property. Step 10 – Write the Commercial Lease Agreement Use an attorney or draft the lease yourself. Make sure to gather all the information about the property and the tenant and enter into the agreement. Once completed, the document should be signed with the tenant and landlord in the presence of a notary public. This way the signatures are proven and the agreement is much more likely to hold up in court if its legality is ever questioned. Step 11 – Taking Occupancy After the security deposit has cleared and the lease has been signed the tenant should take occupancy. This means that the tenant can begin using the space as directed for use in the lease. Both parties will be held accountable for their specified duties until the end of the lease term. Estoppel Certificate – May be requested by the landlord after lease signing to certify a lease exists between the tenant and landlord. Required Clauses American’s with Disability Act (42 U.S. Code § 12183) – Also known as the ‘ADA’, requires that any commercial tenants which offer “public accommodation” (such as a restaurant, retail store, etc.) or have at least fifteen (15) employees adhere to all handicap access rules. This rule is only grandfathered to properties that have not been built or had renovations since 1992. Per 42 U.S. Code § 12183 if the Lessee is using the Premises as a public accommodation (e.g. restaurants, shopping centers, office buildings) or there are more than 15 employees the Premises must provide accommodations and access to persons with disabilities that is equal or similar to that available to the general public. Owners, operators, lessors, and lessees of commercial properties are all responsi...
Personal Guaranty. The undersigned (each a “Guarantor”), jointly and severally (if more than one), absolutely and unconditionally guarantee the prompt payment to Lender, including its successors and assignees, of any and all Obligations incurred by the Borrower pursuant to the Agreement (this “Personal Guaranty”). Each Guarantor further agrees to repay the Obligations on demand, without requiring Lender first to enforce payment against Borrower. This is a guarantee of payment and not of collection. This is an absolute, unconditional, primary, and continuing obligation and will remain in full force and effect until the first to occur of the following: (a) all of the Obligations have been indefeasibly paid in full, and L▇▇▇▇▇ has terminated this Personal Guaranty, or (b) 30 days after the date on which written notice of revocation is actually received and accepted by Lender. No revocation will affect: (i) the then existing liabilities of the revoking Guarantor under this Personal Guaranty; (ii) Obligations created, contracted, assumed, acquired or incurred prior to the effective date of such revocation; (iii) Obligations created, contracted, assumed, acquired or incurred after the effective date of such revocation pursuant to any agreement entered into or commitment obtained prior to the effective date of such revocation; or (iv) any Obligations then or thereafter arising under the agreements or instruments then in effect and then evidencing the Obligations. Each Guarantor represents and warrants that it is a legal resident of the United States of America. Each Guarantor waives all notices to which the Guarantor might otherwise be entitled by law, and also waives all defenses, legal equitable, otherwise available to the Guarantor. This Personal Guaranty shall be construed in accordance with the laws of the State of New York, and shall inure to the benefit of Lender, its successors and assigns. To the extent not prohibited by applicable law, each of the undersigned Guarantors waives its right to a trial by jury of any claim or cause of action based upon, arising out of or related to this guaranty, the Agreement and all other documentation evidencing the Obligations, in any legal action or proceeding. Subject to Section 32 above, any such claim or cause of action shall be tried by court sitting without a jury.
Personal Guaranty. The individual signing this Lease Agreement for the Tenant, as an inducement to Landlord to enter into this lease, agrees to unconditionally guarantee the prompt payment and performance of the Tenant under this Lease Agreement and to be liable for any amounts due to the Landlord from the Tenant. Time of the essence. Time is of the essence of this Lease, and of each and every covenant, term, condition, and provision hereof.
Personal Guaranty. If an individual executes this Sub-Merchant Agreement on your behalf as a guarantor, then such individual personally guarantees performance by you hereunder, shall be deemed to be a guarantor for all purposes, and shall be joint and severally liable with you for all of your liabilities under the Sub-Merchant Agreement.
Personal Guaranty. Unless User has obtained a written waiver signed by Autobooks, User’s owners (shareholders, members, partners, or independent contractors, as the case may be, or in the case of ten or more such owners, User’s President, CEO, or other highest ranking officer) (collectively “Guarantors”) jointly, severally, and unconditionally guaranty to Autobooks the full and prompt payment of all amounts due to Autobooks from User, whether arising under this Exhibit E or otherwise (“Guaranteed Amount”), including but not limited to, all: processing fees; chargebacks; Card Brand fees, fines, penalties, or assessments; any governmental fees; fines; penalties; or assessments; or any amounts due to third parties as the result of a Security Breach. Autobooks shall have immediate recourse against the Guarantors for the full and immediate payment of any Guaranteed Amount, or any portion thereof, which has not been paid by Autobooks to User. This is a guaranty of payment and not of collection, and Autobooks may seek recourse or receive payment from Guarantors prior to: taking steps to collect Guaranteed Amounts from User; taking steps to enforce, accept, or perfect Autobooks’s interest in any collateral (including but not limited to amounts in a reserve account); or in any other respect exercise any diligence in collecting or attempting to collect the amount by any means. Guarantor’s liability shall be absolute and unconditional, and shall not be discharged for any reason other than the final and full payment to Autobooks of all Guaranteed Amounts. Guarantor’s jointly and severally agree to pay all of Autobooks’s costs incurred in enforcement of or collection under this guaranty, including without limitation reasonable attorney’s fees and expenses. This guaranty is freely and voluntarily given, and Guarantors recognize that Autobooks would not enter into this Exhibit E without such guaranty. Guarantors understand and agree that this guaranty shall be subject to the exclusive choice of law and venue requirements as those set forth in the Agreement. Guarantors waive, to the fullest extent possible under law, the defense of forum non conviens. Guarantors agree that notice may be provided to each Guarantor by personal delivery or sending such by nationally recognized overnight carrier, registered or certified mail, postage prepaid, to each Guarantor’s address, which may be modified by Guarantor by sending written notice to Autobooks. If any portion of this guaranty is determined to b...
Personal Guaranty. If the tenant’s business is not credible then the landlord should consider having the tenant sign a Personal Guaranty which binds the owner of the Company to the lease. So if the tenant defaults the individual’s assets would be liable, not just the business. Step 9 – Determine the Security Deposit Once the tenant has been approved by the landlord the Security Deposit should be made known to the tenant. In residential real estate, there are State Laws that limit how much a landlord may ask from the tenant. In commercial real estate, there are no limits to how much the landlord would like to charge the tenant. The landlord will commonly ask between 2-3 months’ rent in case the tenant stops paying the monthly rent or to safeguard against any damage that the tenant may cause during their time on the property. Step 10 – Write the Lease Use an attorney or draft the lease yourself. Make sure to gather all the information about the property and the tenant and enter into the agreement.
Personal Guaranty. GUARANTY FROM AUTHORIZING OFFICER IN INDIVIDUAL CAPACITY – PERSONAL AND CONTINUING GUARANTY OF PERFORMANCE AND PAYMENT: ALL REFERENCES TO “YOU” OR “YOUR” IN THIS SECTION TITLED “PERSONAL GUARANTY” SHALL MEAN THE AUTHORIZING OFFICER IN HIS OR HER INDIVIDUAL CAPACITY. YOUR SUBMISSION OF THE APPLICATION MEANS THAT BOTH YOU AND THE COMPANY ARE JOINTLY AND SEVERALLY LIABLE FOR REPAYMENT OF THE ACCOUNT AND THAT YOU ARE PERSONALLY GUARANTEEING: (1) THE COMPANY’S PERFORMANCE UNDER THE AGREEMENT; AND (2) PAYMENT OF ALL OUTSTANDING DEBT, LIABILITIES, AND OBLIGATIONS OF COMPANY IN CONNECTION WITH THE ACCOUNT(S) OPENED UNDER THIS APPLICATION. YOU AGREE THIS IS A GUARANTY OF PERFORMANCE AND PAYMENT, AND THUS WE CAN ENFORCE THIS GUARANTY AGAINST YOU EVEN IF WE HAVE NOT EXHAUSTED OUR REMEDIES AGAINST COMPANY. YOU AGREE THIS IS A CONTINUING GUARANTY, AND UNDERSTAND THAT IF YOU LEAVE THE EMPLOYMENT OF THE COMPANY, YOU WILL CONTINUE TO PERSONALLY BE RESPONSIBLE FOR ALL DEBT, LIABILITIES, AND OBLIGATIONS OF COMPANY TO US. THIS INCLUDES DEBT, LIABILITIES AND OBLIGATIONS NOT YET IN EXISTENCE AT THE TIME YOU LEAVE THE COMPANY. THIS GUARANTY SHALL REMAIN IN PLACE UNTIL ALL DEBT, LIABILITIES AND OBLIGATIONS OF COMPANY HAVE BEEN FULLY SATISFIED, INCLUDING ANY COLLECTIONS COSTS AND REASONABLE ATTORNEYS’ FEES. YOU ACKNOWLEDGE THAT THIS IS A LINE OF CREDIT TO COMPANY AND THE AMOUNTS BORROWED WILL CHANGE OVER TIME, AND THAT EVEN IF THE DEBT IS REDUCED TO ZERO DOLLARS ($0), IT SHALL NOT CONSTITUTE A TERMINATION OF THE GUARANTY. IN THE EVENT YOU CHOOSE TO REVOKE THIS CONTINUING GUARANTY, YOU MAY DO SO BY SENDING US WRITTEN NOTICE VIA CERTIFIED MAIL TO: ATTN: COMMERCIAL CARD SUPPORT, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇. YOUR REVOCATION OF THIS GUARANTY WILL ONLY APPLY TO NEW DEBT INCURRED AFTER WE HAVE ACTUALLY RECEIVED AND PROCESSED YOUR WRITTEN NOTICE OF REVOCATION. IF THERE IS MORE THAN ONE GUARANTOR, ONLY THOSE WE HAVE RECEIVED WRITTEN NOTICE OF TERMINATION FROM SHALL BE EFFECTIVE. YOU HEREBY WAIVE ANY SURETYSHIP DEFENSES, INCLUDING BUT NOT LIMITED TO: ANY DEFENSES RELATED TO ANTI- DEFICIENCY STATUTES, ELECTION OF REMEDIES, ONE-ACTION RULES, OR ANY OTHER LAW THAT REQUIRES US TO EXHAUST OUR REMEDIES AGAINST THE COMPANY PRIOR TO SEEKING RECOVERY FROM YOU. YOU FURTHER WAIVE ANY NOTICE REQUIREMENTS OR NOTICES, INCLUDING BUT NOT LIMITED TO: NOTICE OF CHANGE IN TERMS UNDER THE AGREEMENT, NOTICE OF WHEN THE COMPANY BORROWS ADDITIONAL FUNDS UNDER THE LINE OF CREDIT, NOTICE OF NON-P...
Personal Guaranty. Developer’s obligations under this Agreement shall be secured by a guaranty to be personally provided to the Village by JEK at the time of or before the execution of this Agreement, in the form incorporated herein as Attachment E. Such guaranty or guaranties shall guarantee payment of 1) 100% of the Tax Payment Guarantee, 2) full payment of annual real estate taxes on the JEK Property until the Tax Payment Guarantee Termination Date, and 3) any payments required under the Tax Agreement.
Personal Guaranty. The undersigned (hereinafter called Guarantors, whether one or more) for valuable consideration, receipt whereof is hereby acknowledged, and in further consideration of Creditors (as hereinafter defined) extending to (hereinafter called Debtors, whether one or more) credit (whether in connection with the sale of product, advance of credit terms or otherwise) from time to time (the extent of such credit being at all times in the discretion of Creditors and subject to change by Creditors without notice) hereby Guarantees to Creditors the payment of all indebtedness of Debtors to Creditors whether now existing or hereafter arising, and the full, prompt, faithful and complete performance by Debtors of all agreements. Whenever the word “Creditors” is used herein, it shall be construed to mean, severally, MAX YIELD COOPERATIVE, its successors and assigns, and also, severally, all companies and corporations which may now be or may hereafter become a subsidiary or affiliated in business with such MAX YIELD COOPERATIVE, and severally, the successors and assigns of each. This Guaranty shall be fully effective in the case of credit extended by the Creditors under trade names or styles as when made in their respective corporate names. It is understood and agreed, with respect to the Creditors defined in this paragraph, that this Guaranty shall be construed as a separate and distinct Guaranty to the same extent as though a separate contract of Guaranty were executed for the benefit of and in the name of each. The word “indebtedness” is used herein in its most comprehensive sense and includes any and all advances, debt, obligations, and liabilities of the Debtors, now existing or hereafter made, incurred or created. Guarantors agree that this Guaranty shall be directly enforceable against Guarantors without first resorting to the principal Debtors or exhausting remedies against them, and any note or notes given to or accepted by the Creditors covering any of the above indebtedness, or any indulgences, forbearances, or extensions of time of payment, shall not in any way release Guarantors from liability. Guarantors agree that in the event a settlement is made with the Debtors for less than the amount of the indebtedness actually due the Creditors, Guarantors shall in no way be released from liability for the balance still due to the Creditors even though the Debtors shall have been released from said indebtedness. Any married person who signs this Guaranty expressly agre...
Personal Guaranty. Security Agreement (if applicable)