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. In consideration of the extension of credit to ("Applicant"), the undersigned, jointly, severally and unconditionally guarantees and promises to pay all amounts now owing or which may hereinafter become owing by the Applicant to United Rentals ("UR"). It is understood and agreed that this is a continuing guaranty and UR shall not be obligated to notify the undersigned of the dates or amounts of any such credit, that the undersigned waives demand and notice of default and agrees that any extension of time or other forbearance, which may be gran ▇▇▇ by UR shall not affect or alter UR's rights under this guaranty. The undersigned further waives: (a) notice of acceptance of this guaranty; (b) any demand for payment under this guaranty; (c ) benefit of all exemptions and homestead laws; (d) all set-offs and counterclaims; and (e) all other notices to which the undersigned might otherwise be entitled. The undersigned for themselves and the Applicant further agrees to pay a service charge to UR at the maximum rate allowed by the laws of the jurisdiction wh ere the originating UR location(s) stated on the invoice(s) is located on all delinquent balance(s) as well as all costs and expenses UR incurs in connection with the collection of any delinquent balance or any other default by the Applicant on any agreement or transaction the Applicant may enter into with UR, including without limitation reasonable attorney's fees and all other fees arising from collection. This is a guaranty of payment and not of collection and the undersigned further waive s any right to require that any action be brought against the Applicant or other person or to require that resort be had to any security. The undersigned's obligation shall remain effective and be enforceable regardless of any subsequent incorporation, reorganization, merger or consolidation transfer or sale of the Applicant or any other change in the composition, nature, personnel, or location of the Applicant. This guaranty shall inure to the benefit of UR, its successors and assigns and shall bind the heirs, executors, pe rsonal representati ves, administrators, assignees, purchasers, and other successors of the undersigned. If any provision or part of this guarant y is in conflict with any applicable statute or rule of law, such provision, or part thereof, as the case may be, shall be deemed n ull and void to the extent that it may conflict therewith, but without invalidating the remaining provisions hereof or the rema...
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. 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. AS THE SIGNATORY ON THIS AGREEMENT, YOU UNDERSTAND AND HEREBY GUARANTEE TO FORTE, ITS SUCCESSORS AND ASSIGNS, THE FULL, PROMPT, AND COMPLETE PERFORMANCE OF MERCHANT AND ALL OF MERCHANT’S OBLIGATIONS UNDER THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO ALL MONETARY OBLIGATIONS ARISING OUT OF MERCHANT’S PERFORMANCE OR NON- PERFORMANCE UNDER THE AGREEMENT, WHETHER ARISING BEFORE OR AFTER TERMINATION OF THE AGREEMENT. THIS GUARANTY SHALL NOT BE DISCHARGED OR OTHERWISE AFFECTED BY ANY WAIVER, INDULGENCE, COMPROMISE, SETTLEMENT, EXTENSION OF CREDIT, OR VARIATION OF TERMS OF THE AGREEMENT, UNLESS SPECIFICALLY DISCHARGED OR AMENDED. YOU UNDERSTAND THAT YOUR OBLIGATIONS ARE INDEPENDENT OF MERCHANT’S OBLIGATIONS. YOU UNDERSTAND THAT YOU HAVE NO RIGHT TO ENFORCE A REMEDY WHICH FORTE NOW HAS OR MAY LATER HAVE AGAINST MERCHANT NOR TO PARTICIPATE IN SECURITY NOW OR LATER HELD BY FORTE. YOU WAIVE ANY NOTICE OF ACCEPTANCE OF THIS GUARANTY, NOTICE OF NON-PAYMENT OR NON-PERFORMANCE OF ANY PROVISION OF THE AGREEMENT BY MERCHANT, AND ALL OTHER NOTICES OR DEMANDS REGARDING THE AGREEMENT. YOU AGREE TO PROMPTLY PROVIDE TO FORTE ANY INFORMATION REASONABLY REQUESTED BY FORTE FROM TIME TO TIME CONCERNING YOUR FINANCIAL CONDITION(S), BUSINESS HISTORY, BUSINESS RELATIONSHIPS, AND EMPLOYMENT INFORMATION.
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. Security Agreement (if applicable)