This office lease provision states that the guarantor's liability is not affected or impaired by any delay by or failure of the landlord in enforcing any of its rights or remedies under the lease or at law, or by any deferral, waiver, or release of the tenant's obligations under the lease or any forbearance by the landlord in exercising any of its rights and remedies or by any other action, inaction, or omission by the landlord. This guaranty is independent of any security or remedies which the landlord has under the law.
Florida Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord
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How to fill out Provision Of Guaranty Stating That It Is Unaffected By Any Waiver Or Forbearance By Landlord?
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FAQ
Guarantor shall have the right to freely, and without the obligation to obtain Landlord's consent thereto, (a) assign (whether directly or indirectly), in whole or in part, this Guaranty, or (b) allow this Guaranty to be transferred, in whole or in part and whether directly or indirectly, by operation of law or by ...
Personal guarantees are binding contracts, and from the moment the guarantee is in writing it becomes legally enforceable. There is no set time period during which a guarantee can be valid - it depends on the specifics set out in the particular guarantee.
A lease guarantee is a legal agreement between a landlord, a tenant, and a third party approved by the landlord. This third party is called a lease guarantor. Like a cosigner on a consumer loan, the lease guarantor agrees to be responsible if the tenant defaults on the rental agreement.
Under Florida law, the guarantor can be held liable only when a court determines the guaranty is lawful and the alleged debt is actually owed. In other words, a guarantor may not escape liability if the absolute guarantee is lawful and the party owing the underlying debt is liable under that debt.
A guarantee is a binding promise of one person (the guarantor), to be answerable for the debt or obligation of another (the debtor), if that other defaults. Guarantees become enforceable by the person to whom the guarantee has been given (the creditor) when debtors have defaulted on their obligations.
When a company goes under, it's common for someone who has signed a personal guarantee to wonder if there's a way to get out of it. However, unless the lender agrees to waive it (which would be unlikely), or some fundamental flaw exists in the agreement, the personal guarantee will remain binding.
The rules governing contracts apply generally to guaranty contracts. Thus, the three elements of breach of contract in Florida: (1) valid contract, (2) a material breach, and (3) damages, are the relevant elements of a guaranty.
