Personal Guarantee On Lease Agreement
Description
How to fill out Personal Guaranty - Guarantee Of Lease To Corporation?
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FAQ
Describe the personal guarantee language section, in which the tenant agrees to assume responsibility for the payment of rent and any other obligations under the lease. The Tenant hereby personally guarantees the full and prompt payment of all rent and other charges due under this Lease.
A personal guarantee puts the tenant's own assets ? such as real estate, savings, or other valuables ? on the line should their business not be in a position to pay rent or other lease obligations.
If you sign a personal guarantee, you are personally liable for the loan balance ? or a portion thereof. If your business later defaults on the loan, anyone who signed the personal guarantee can be held responsible for the remaining balance, even after the lender forecloses on the loan collateral.
When a personal guarantee is given, the principals of the company pledge their own assets and agree to repay a debt from personal capital in case the company defaults. In short, the business owner or principal becomes a cosigner on the credit application.