In this guaranty, the guarantor is guaranteeing both payment and performance of all leases now or later entered into with lessee and all the obligations and liabilities due and to become due to lessor from lessee under any lease, note, or other obligation of lessee to lessor. Such a blanket guaranty would suggest a close business relationship between the lessee and guarantor like that of a parent and subsidiary corporation.
An Arizona Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease is a legally binding agreement that provides additional assurance to the lessor (the landlord) in Arizona that the lessee (the tenant) will fulfill all financial and performance obligations outlined in a lease agreement. Keywords: Arizona, Continuing Guaranty, Payment, Performance, Obligations, Liabilities, Lessor, Lessee, Lease. There are various types of Arizona Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease that can be named based on their specific characteristics or circumstances. Here are a few examples: 1. Individual Guaranty: This type of guaranty is provided by an individual (often the business owner or principal) personally guaranteeing payment and performance obligations of the lessee under the lease. It holds the individual responsible for any defaults or breaches by the lessee. 2. Corporate Guaranty: In this case, a corporation or company guarantees the payment and performance obligations of the lessee. The corporation becomes legally liable for any non-payment or non-performance by the lessee. 3. Limited Guaranty: A limited guaranty restricts the extent of the guarantor's liability. It may specify a cap on the amount or duration of the guarantor's responsibility, limiting their liability to specific aspects of the lease agreement. 4. Full Guaranty: A full guaranty implies an unconditional and unlimited guarantee of payment and performance. The guarantor is fully responsible for any breaches or defaults by the lessee throughout the lease term. 5. Conditional Guaranty: This form of guaranty is dependent on specific conditions being met. For example, the guarantor's liability may only be triggered in the event of the lessee's bankruptcy or failure to pay rent for a consecutive period. 6. Joint and Several guaranties: In a joint and several guaranties, multiple guarantors are collectively and individually responsible for fulfilling the lessee's obligations. The lessor can seek full payment or performance from any of the guarantors without having to pursue them all simultaneously. In conclusion, an Arizona Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease is a crucial legal document that provides additional security to landlords in Arizona. The different types of guaranties mentioned above offer variations in terms of liability scope, responsibility limits, and additional conditions to be met. It is essential for both landlords and tenants to fully understand and consider these guaranty options before entering into a lease agreement.
