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.
POPULAR SAMPLE Copied 533 times
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. Each Guarantor, solidarily, 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 in the event one of the following occurs: (i) Borrower interferes with ▇▇▇▇▇▇’s right to collect the amount due pursuant to this Agreement with the intent to disrupt the collection of such amount; or (ii) Borrower sets up one or more new depositary accounts to receive payments from without the prior written consent of Lender (each of the foregoing (i) and (ii), a Personal Guaranty Trigger Event” and the personal guaranty arising therefrom, the “Personal Guaranty”). ▇▇▇▇▇▇ expressly acknowledges and agrees that except upon the occurrence of a Personal Guaranty Trigger Event, (i) no Guarantor will be liable for any failure of Borrower to pay its Obligations pursuant to this Agreement and (ii) no liability shall attach to any Guarantor under this Agreement. Upon the occurrence of a Personal Guaranty Trigger Event, 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 ▇▇▇▇▇▇ 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 (i) it is a legal resident of the United States of America and (ii) neither Borrower, nor itself individually as Guarantor, intends to file for reorganization or liquidation under the bankruptcy or reorganizat...
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. Security Agreement (if applicable)
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. To induce Canmor to enter into this Agreement, the undersigned (if more than one, each of them joint and severally, or for the purpose of the Province of Quebec, solitarily) hereby personally, irrevocably and unconditionally guarantee full, prompt, and complete payment and performance of all obligations herein. This guarantee shall not be discharged or otherwise affected by any waiver, settlement, extension of credit, or variation of terms of this Agreement
Personal Guaranty. For the extension of credit by ▇▇▇▇▇-▇▇▇▇▇ Machinery, Inc. (“KSMI”), the undersigned (“Guarantor”), individually, jointly and severally, absolutely and unconditionally guarantee payment of all debts and sums, present and future, due KSMI under the Credit Application and Agreement, including, without limitation, all rental charges, interest, late charges, costs and attorneys’ fees, and the performance of every obligation, present and future, pursuant thereto. This Personal Guaranty is continuing. Guarantor waives set off and all defenses and waives acceptance, creation of debt, presentment, protest, demand for payment and diligence, and waives all notices permitted by law, including, without limitation, notice of acceptance, creation of debt, presentment, protest, of dishonor, default, demand for payment, non-payment and diligence, and waives subrogation and any requirement that KSMI first institute suit or exhaust any rights or other legal remedies before proceeding against Guarantor, including that KSMI first proceed against the Applicant or against any other party or first to realize on any security before enforcing this Personal Guaranty. Guarantor consents to any renewals, extensions and modifications of any payment terms, surrender, release, exchange, substitution, dealing with or taking of additional security or any other guaranties, abstaining from taking advantage of or realizing upon any security or other guaranties and any and all other forbearances or indulgences by KSMI to Applicant, Guarantor or any other party without notice to Guarantor and without affecting Guarantor’s liability. Guarantor shall indemnify and pay KSMI for any loss incurred by KSMI as the result of the failure of Applicant or Guarantor to perform and for any and all costs, expenses and reasonable attorneys’ fees incurred by KSMI in enforcing or attempting to enforce the Credit Application and Agreement or this Personal Guaranty.
Personal Guaranty. If the Account was established with a Personal Guaranty, every Guarantor agrees to unconditionally, absolutely and irrevocably personally guarantee payment of all amount due and performance of Borrower under the terms of this Credit Agreement. In the event of a default under this Credit Agreement, Guarantor agrees to pay the total outstanding balance under this Credit Agreement upon demand, and without requiring Lender to proceed first to enforce payment against the Borrower. The Guarantor waives all notices regarding the Credit Agreement or this guaranty, and agrees that this guaranty shall remain in full force and effect until the Credit Agreement has terminated and all amounts due have been paid in full. Guarantor agrees that Lender may report the personal liability of Guarantor for the Account and the status of the Account to credit bureaus and others who may lawfully receive such information. The Guarantor agrees that his or her personal credit history may be used in making credit decisions, and authorizes Lender to obtain consumer reports on the Guarantor from time to time.