Common use of THIRD PARTY GUARANTY Clause in Contracts

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. 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.