THIRD PARTY GUARANTY Clause Samples
A Third Party Guaranty clause establishes that an individual or entity, not directly involved in the primary contract, agrees to be responsible for fulfilling the obligations of one of the parties if they default. Typically, this means that if the main party fails to pay or perform as required, the guarantor must step in to cover the loss or complete the performance. This clause is commonly used in loan agreements or leases, where a lender or landlord seeks additional assurance of payment or performance. Its core function is to provide added security and reduce the risk of non-performance or non-payment by involving a financially reliable third party.
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THIRD PARTY GUARANTY. In an Event of a Default, and without waiving any other rights or remedies, Lender shall have the right to repayment of the Obligation pursuant to Guaranties from Seven Arts Pictures, Inc., a Nevada corporation, Seven Arts Pictures, PLC, a regulated company in the United Kingdom, and Seven Arts Pictures International ("Guarantors"), which provides in part for repayment of all amounts owed pursuant to the Loan Documents..
THIRD PARTY GUARANTY. LESSEE’S INITIALS LESSOR at its option as described hereinafter requires a binding Third Party Guaranty (referred to as “Guaranty”) which Guaranty constitutes an additional inducement for the granting of this lease. LESSOR at its option reserves the right to cancel this lease in the event such Guaranty is not fully executed, notarized and returned to the LESSOR within 15 days from the date of LESSEE signing said lease or prior to occupancy, whichever time period is shorter. ▇▇▇▇▇▇ understands that the Guaranty must be obtained directly from their parent or guardian and that the LESSOR reserves all rights, both criminal and civil, for the false execution or forgery of the Guaranty. The execution of the Guaranty constitutes an additional assurance to the LESSOR of the performance of the covenants of this lease and shall not be construed as a release of the LESSEE’S responsibilities. Failure to provide said Guaranty shall not release LESSEE of his liability herein unless terminated by LESSOR as aforesaid. Furthermore, if any individual LESSEE shall fail to provide said executed Guaranty, then the individual LESSEE shall pay a sum equal to a proportional percentage of payment due calculated upon the total amount of payment due pursuant to this lease divided by the number of LESSEES who have executed the lease. Said payment shall be paid within 15 days from the date of LESSEE signing said lease or prior to occupancy, whichever time period is shorter, and prior to the release of the unit key to the individual LESSEE. The individual LESSEE who makes such payment shall remain jointly responsible for any and all remaining payments due pursuant to this lease.
THIRD PARTY GUARANTY. 1. 2. 3. 4. /(66(I(N¶IT6IALS total amount of payment due pursuant to this lease divided by the number of LESSEES who have executed the lease. Said payment shall be paid within 15 days from the date of LESSEE signing said lease or prior to occupancy, whichever time period is shorter, and prior to the release of the unit key to the individual LESSEE. The individual LESSEE who makes such payment shall remain jointly responsible for any and all remaining payments due pursuant to this lease.