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.
District of Columbia 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
A joint guarantee means the signatories are jointly liable as a group for the borrower's indebtedness. If one guarantor does not pay, the others are on the hook to fulfill the group's obligation to repay the full amount of that indebtedness.
The term or phrase ?jointly and severally? is a legal term used to describe a partnership whereby each party or member holds equal responsibility for liability. A common term for ?jointly and severally? is ?joint and several liability.?
Joint liability means that more than one person is responsible legally to pay back a loan, cover damages, or otherwise satisfy a liability. Joint and several liability is legal lingo for a responsibility that is shared by multiple parties. A wronged party may sue any or all of them.
Joint & Several Personal Guarantees. Joint and several guarantees leave all guarantors liable for the full debt. This puts finances and assets at risk.
With a ?several? guaranty, each guarantor is agreeing to be liable to the lender for up to $500,000 irrespective of what the other guarantor has repaid. In our example, ?several? guaranties from the guarantors would provide for full coverage of the $1,000,000 loan.
Where this Guarantee is given by more than one person, the obligations on the part of the Guarantor contained in this Guarantee take effect as joint and several obligations and references to the Guarantor take effect as references to those persons or any of them.
Most guarantees in today's market are drafted as "joint and several" guarantees, meaning that each guarantor is both jointly liable (as a member of the group) and individually liable (on its own separately), to the lender for the repayment in full of a borrower's indebtedness.
Guarantees are often embedded in purchase or sales agreements, service contracts, joint venture agreements, or other commercial arrangements. A joint and several liability is an obligation of several parties that is enforceable, for the full amount of the obligation, against any one of the parties.