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.
Arizona Joint and Several Guaranty of Performance and Obligations
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US-OL4A024C
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How to fill out Joint And Several Guaranty Of Performance And Obligations?
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FAQ
If several debtors are jointly and severally liable for the same performance, the creditor would always be entitled to claim it from any one of them. So the creditor will, in the ordinary case, presumably opt for the wealthiest among the co-debtors.
Exceptions: each defendant is responsible for the fault of another person if the two were acting in concert to commit an intentional tort, if the other person was acting as agent or servant of the party, or the party's liability for the fault of another person arises out of a duty created by the federal employers' ...
If an agreement states that you and your roommate(s) are "jointly and severally liable," it's confirming that you're individually and collectively liable for the entire rent. In the event that your roommate(s) fail(s) to pay, you can be held responsible for his/her portion of the rent.
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.
In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, the others named must pay more than their share.
Opponents of the principle of joint and several liability argue that its use is unfair to many defendants. Joint and several liability will lead to cases in which a party who has a very small share of the responsibility for a plaintiff's injury may unfairly shoulder the burden of paying all of the damages.
Joint liability means that more than one person has the obligation to perform the same act. The benefits of joint liability include the case where one of the persons required to perform the contract suffers from a legal disability (such as bankruptcy). There is another contracting party bound to perform the obligation.
Difference Between ?Joint? and ?Several? in a Guarantee The words "jointly" and "severally" refer to the nature of the guarantors' liability under the guarantee. 4 A several guarantee means that the signatories, separately or individually, have promised to guarantee the repayment of the borrower's debts.