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Personal Guarantee of Rental Agreement The undersigned (Guarantor) in consideration of the execution of the lease rental agreement hereby unconditionally guarantees and promises to pay or perform.

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The Tenant hereby personally guarantees the full and prompt payment of all rent and other charges due under this Lease.

A personal guarantee can be enforced the same way as any debt. If the business owner does not pay, the creditor can bring a lawsuit to receive a judgment and levy the owner's personal assets to cover the debt. The exact terms of a personal guarantee specify a creditor's options under the guarantee.

Ask for An Expiration Date: Similar to #2, if you show consistent payment history, you can ask your landlord to expire the personal guarantee. For example, after the first year, ask for it to expire after the second year if you don't miss any payments.

If the tenant does not pay all rent and fees under the lease, and their business has no assets, the personal guaranty gives the landlord a way to collect the money that was owed. Depending on the type of personal guaranty, the landlord could go after assets such as the tenant's owner's house and/or vehicles.

How do I get rid of a personal guarantee? A personal guarantee may be revoked if the guarantor and lender agree, in writing. It's also possible that debts enforced by a personal guarantee may be discharged in bankruptcy.

A personal guarantee is a provision in your loan contract. When you agree to it, you're taking personal responsibility for the loan if the business defaults and can't repay it. In other words, if your business goes under or gets behind on loan payments, you are required to use personal assets to satisfy the debt.

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.

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.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232