This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
California Mortgage Securing Guaranty of Performance of Lease
State:
Multi-State
Control #:
US-01084BG
Format:
Word;
Rich Text
Instant download
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How to fill out Mortgage Securing Guaranty Of Performance Of Lease?
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FAQ
Can anyone be a guarantor? Almost anyone can be a guarantor. It's often a parent or spouse (as long as you have separate bank accounts), but sometimes a friend or relative. However, you should only be a guarantor for someone you trust and are willing and able to cover the repayments for.
A guarantor is a person who will co-sign an apartment lease alongside a tenant, guaranteeing to pay the rent if the tenant fails to do so. The guarantor is usually a parent, family member, or close friend who is willing to be legally responsible for the rental apartment.
Ask someone with whom you have a strong relationship and who trusts you. Your guarantor must be willing to sign the lease agreement and go through the screening process. You'll want to know if they pay their bills on time. It's essential to know they are responsible before you ask them to be a guarantor.
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.
"Guarantor unconditionally and irrevocably guarantees all obligations of X owed to Y, and waives forever any right whatsoever to require Y to first proceed against X before making demand upon Y for payment in full.
The "guarantor" is the person guarantying the debt while the party who originally incurred the debt is the "principle" and the creditor is the "guaranteed party." Under California law, if properly drafted, a guaranty is a fully enforceable obligation which allows the guaranteed party to proceed directly against the ...
As guarantor you agreed to guarantee the lease. You have no basis to sue the tenants whose lease you guaranteed because your guarantee was used.
Put another way, a guaranty of collection requires that the debtor must exhaust certain remedies against the debtor before proceeding against the guarantor, while a guaranty of payment means that the lender can proceed directly against the guarantor even if the debtor is solvent and otherwise able to pay.