This office lease form is a guranty that absolutely, unconditionally and irrevocably guarantees the landlord the full and prompt performance and observance of all of the tenant's obligations under the lease, including, and without limitation, the full and prompt payment of all rent and additional rent payable by the tenant under the lease and tenant's indemnity obligations benefiting the landlord under the lease.
The Alabama Joint and Several Guaranty of Performance and Obligations is a legal provision that holds multiple parties responsible for fulfilling a common obligation or performance in a contractual agreement. This guarantee ensures that all parties are jointly and individually liable for honoring their commitments, providing an added layer of financial security. In Alabama, there are various types of Joint and Several Guaranty of Performance and Obligations, each designed to cater to different contractual arrangements: 1. Joint and Several Guaranty in Commercial Contracts: This type of guarantee is often seen in commercial leases, construction contracts, and other business agreements where multiple parties share responsibilities. With this provision, all parties involved assume equal responsibility for fulfilling the terms of the agreement, and any breach or non-performance can result in legal action against any or all of the parties. 2. Joint and Several Guaranty in Loan Agreements: In the context of loans, such as those provided by financial institutions, this guarantee ensures that multiple parties (borrowers or guarantors) are jointly and individually liable for loan repayments. If one party defaults on the loan, the lender has the right to pursue action against any or all of the borrowers or guarantors for the outstanding amount. 3. Joint and Several Guaranty in Partnership Agreements: Partnerships often require joint and several guarantees to maintain accountability among partners. This provision ensures that all partners are collectively and individually responsible for the partnership's debts and obligations. If one partner fails to meet their obligations, the other partners can be held liable for the entire debt. 4. Joint and Several Guaranty in Construction Contracts: In construction projects involving multiple contractors, subcontractors, or suppliers, a Joint and Several guaranties is often used to ensure performance and payment. It allows the project owner or general contractor to hold all parties responsible for any breaches, delays, or deficiencies in the construction work, regardless of their individual roles or scope of work. The Alabama Joint and Several Guaranty of Performance and Obligations is a critical legal tool that safeguards the interests of parties involved in various contractual arrangements. It ensures that all parties are collectively and individually accountable and provides a mechanism for recourse in case of non-performance or breaches.Alabama Joint and Several Guaranty of Performance and Obligations
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With a ?several? guaranty, each guarantor is agreeing to be liable to the lender for up to $500,000 irrespective of what the other guarantor has repaid. In our example, ?several? guaranties from the guarantors would provide for full coverage of the $1,000,000 loan.
A guarantor is a third party who 'guarantees' a loan, mortgage or rental agreement. This means they agree to repay the total amount owed if the borrower or renter can't pay what they owe. By guaranteeing the agreement, you become responsible for any arrears that occur.
The primary difference between a co-signer and a guarantor is how soon each individual becomes responsible for the borrower's debt. A co-signer is responsible for every payment that a borrower misses. However, a guarantor only assumes responsibility if the borrower falls into total default.
Another essential point to understand is that a co-borrower is first accountable for the loan. A guarantor, on the other hand, is not liable unless the underlying borrower defaults and the lender initiates collection attempts against the borrower, depending on the conditions of the guaranty.
(d???nt ?nd ?s?vr?l ??ær?n?ti? ) noun. law. a legal guarantee undertaken by multiple people in which any one guarantor can be held fully responsible for repaying the whole of the debt despite each guarantor only being partially responsible for that debt.
A joint guarantee means that the signatories as a group are jointly and severally liable for the borrower's debts. If one guarantor fails to pay, the others must meet their obligation to repay that debt in full. The words "jointly" and "severally" refer to the nature of the guarantors' liability under the guarantee.
A joint guarantee means the signatories are jointly liable as a group for the borrower's indebtedness. If one guarantor does not pay, the others are on the hook to fulfill the group's obligation to repay the full amount of that indebtedness.
Joint liability is different from joint and several liability in that in joint liability the responsibility is spread equally among the defendants whereas in joint and several liability responsibility shifts depending on the degree/share of defendant's responsibility that is found by a judge or a jury.
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(a) Subject to Section 2.1(d) below, the Guarantors, jointly and severally, unconditionally and irrevocably guarantee the full and prompt (i) payment in full ... THIS FORMAT TO BE USED FOR BOARD APPROVAL. NOTE: If CORPORATE financial statement is submitted to increase working capital and/or net worth of licensee,.In Alabama, as a result of the pure joint and several liability and strict ... complete control over the parties to litigation and the sources of recovery. The “bid guarantee” shall consist of a firm commitment such as a bid bond, certified check, or other negotiable instrument accompanying a bid as assurance that ... This action is before the Court on the Motion for Summary Judgment against Defendant. George W. Skipper, III (“Skipper”) and supporting documents (Docs. The obligations of Guarantor under this Guaranty shall be unconditional irrespective of the genuineness, validity, regularity or enforceability of any provision ... Mar 24, 2015 — A joint guarantee means the signatories are jointly liable as a group for the borrower's indebtedness. If one guarantor does not pay, the others ... ... Guarantor in this Guaranty) and any Other Guarantor will be joint and several. ... performance of such obligations and then only to the extent of such performance ... Each Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed. Obligations (as defined below) as a primary ... by EC Arnold · 1925 · Cited by 11 — A guaranty is secondary, whilst suretyship is a primary obligation." The classification in the Roman law was similar. "The creditor asks: centam qua, Titis ...