This office lease form is loosely worded guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due under the Lease.
California Bare-bones Common Form of Good Guy Guaranty is a legal agreement that serves as a guaranty between a landlord and a tenant. It is specifically designed to protect the interests of landlords and ensure financial security in the event of a tenant defaulting on their lease obligations. This guaranty is commonly used in commercial real estate transactions in the state of California. Under the California Bare-bones Common Form of Good Guy Guaranty, the guarantor, often the tenant's principal or officer, agrees to personally guarantee the tenant's obligations under the lease. This includes the payment of rent, additional rent, taxes, and any other fees or charges outlined in the lease agreement. The guarantor's liability is typically limited to the period of the tenant's occupancy and may extend for a certain period after the tenant vacates the premises. This form of guaranty is known as "bare bones" because it provides landlords with a basic level of protection without extensive provisions or additional clauses, making it relatively straightforward and easy to understand. It is commonly used when there is a high degree of trust or a long-standing relationship between the landlord and tenant. Although the California Bare-bones Common Form of Good Guy Guaranty is relatively standardized, there might be variations or different types of this guaranty based on specific lease agreements or requirements. These variations could include: 1. Limited Guaranty: This type of guaranty limits the guarantor's liability to a fixed amount or a certain percentage of the tenant's obligations. It offers some protection for the guarantor, ensuring they are not held entirely responsible for the tenant's default. 2. Continued Guaranty: In this scenario, the guarantor's liability continues even after the tenant vacates the premises. This type of guaranty provides the landlord with an extended period to recover any outstanding obligations from the guarantor. 3. Fully Recourse Guaranty: Unlike the limited guaranty, a full recourse guaranty makes the guarantor entirely responsible for the tenant's obligations under the lease agreement. In case of a default, the landlord can pursue the guarantor's personal assets to satisfy any outstanding payments. It is important for parties involved in a California Bare-bones Common Form of Good Guy Guaranty to carefully review and understand the terms and conditions before signing the agreement. Seeking legal advice is advisable to ensure all aspects of the guaranty align with their specific needs and protect their respective interests.
