Good Guy Guarantee Clause With A Dependent Clause
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FAQ
A guarantor is a person who will co-sign an apartment lease alongside a tenant, guaranteeing to pay the rent if the tenant fails to do so. The guarantor is usually a parent, family member, or close friend who is willing to be legally responsible for the rental apartment.
In case of the failure of the Issuer or any successor thereto punctually to pay any such Guarantee Payments, as and to the extent applicable, the Guarantor hereby agrees to cause any such payment to be made punctually when and as the same shall become due and payable, as if such payment were made by the Issuer.
For example, the original tenant might have put holes in the wall to make a new passageway or undertaken other major work on the property. At the end of the lease, the new tenant must fix those issues and return the property to the condition that it was in at the start of the lease.
Well, if you vacate a space before your lease is up with a personal guarantee, you will still owe rent for the duration of your original lease. On the other hand, with a good guy guarantee, your payments end once you depart.
The undersigned hereby covenants and agrees that if there shall occur any default by Tenant in the payment of fixed rent or additional rent or any other charges set forth in the Lease, or if Tenant shall default in the performance of any of the covenants, terms, conditions and agreements contained in the Lease then the ...