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 is a legal concept that provides a means of securing performance and obligations in a contractual agreement. Under this type of guarantee, multiple parties agree to be jointly and severally liable for fulfilling the terms and conditions of the agreement. In Arizona, there are various types of Joint and Several Guaranty of Performance and Obligations, each serving different purposes: 1. Commercial Guaranty: This form of guarantee is often used in commercial real estate transactions, business loans, or commercial leases. It ensures that performance and obligations are fulfilled by all parties involved, offering a higher level of security to lenders or lessors. 2. Contractual Guaranty: This type of guarantee is commonly seen in contracts involving the provision of goods or services. It ensures that the obligations defined in the contract are carried out by all parties involved, providing assurance to the benefiting party. 3. Financial Guaranty: Financial institutions often require this guarantee when extending loans or credit facilities to individuals or businesses. It serves as a safeguard against default, as the guarantor assumes responsibility for the borrower's performance and obligations. 4. Performance Guaranty: This guarantee is commonly used in construction contracts or projects, where a contractor or subcontractor assures the performance and completion of the project in accordance with the agreed terms and conditions. In the event of any defaults, the guarantor becomes liable for the performance and obligations. Arizona Joint and Several Guaranty of Performance and Obligations is a legally binding agreement that carries significant legal consequences. It means that each party involved can be held fully responsible for the entirety of the performance and obligations, regardless of other parties' ability to fulfill their share. This concept provides a higher level of security to beneficiaries and creditors, ensuring that obligations are met and providing a legal recourse if a breach occurs. In conclusion, Arizona Joint and Several Guaranty of Performance and Obligations is a crucial legal concept in commercial and contractual agreements. It provides added security to lenders, lessors, and beneficiaries, mitigating the risk of defaults. The different types of guarantees cater to various sectors and industries, tailoring the level of assurance required for each specific agreement.Arizona Joint and Several Guaranty of Performance and Obligations
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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.
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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 ... 6.This Guaranty shall be an absolute, continuing, irrevocable, and unconditional guaranty of payment and performance, and not a guaranty of collection, and ...This office lease form is a guranty that absolutely, unconditionally and irrevocably guarantees the landlord the full and prompt performance and observance ... Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment and performance when due, whether at maturity or ... The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole ... ... 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 ... FOR MARRIED ARIZONA AND WISCONSIN RESIDENTS ONLY. By signing below, you represent that this obligation is incurred in the interest of your marriage or family. Dec 31, 2021 — Common types of guarantees include financial guarantees, performance guarantees, indemnifications, and indirect guarantees of another entity's ... E. If a defendant is found jointly and severally liable pursuant to subsection D, the defendant has the right to contribution pursuant to this chapter. Dec 20, 1994 — The undersigned [Sbroccas] do hereby jointly and severally and unconditionally guaranty full payment and performance of ROTHMAN [sic] COMPANY ...