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.
The Illinois Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord is an important clause in a commercial lease agreement that protects the landlord's rights and remedies in case of default or breach by the tenant. This provision ensures that any waiver or forbearance granted by the landlord to the tenant does not impact the guarantor's obligations under the guaranty agreement. The purpose of the Illinois Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord is to provide the landlord with the assurance that even if they grant leniency or temporarily tolerate tenant defaults, the guarantor's liability remains intact and unaffected. This provision safeguards the landlord's ability to seek recourse from the guarantor should the tenant fail to meet their obligations under the lease. In Illinois, this provision can vary depending on the specifics outlined in the lease agreement, but there are generally two types: 1. Absolute Provision of Guaranty: This type of provision explicitly states that the guarantor's obligations remain in full force and effect regardless of any waiver or forbearance by the landlord. It ensures that the guarantor remains fully liable for the tenant's obligations, even if the landlord decides to be lenient or temporarily waive certain rights. 2. Conditional Provision of Guaranty: This type of provision specifies that the guarantor's obligations are unaffected by any waiver or forbearance unless expressly stated otherwise in writing. It allows for the landlord to potentially release the guarantor from liability in certain situations, but only if they explicitly state it in writing. Regardless of the specific type used, the Illinois Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord acts as a safeguard for landlords, ensuring that their rights are protected and that they can still seek financial recourse from the guarantor should the tenant default on their lease obligations.
