This office lease form is a detailed guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due as well as all listed obligations within this form.
Illinois Detailed Form of Good Guy Guaranty is a legal document that outlines the terms and conditions of a guarantee provided by a guarantor in Illinois. It is typically used in commercial real estate leasing transactions. The Illinois Detailed Form of Good Guy Guaranty offers protection to landlords by ensuring that a tenant's financial obligations are met. In the event of a default, the guarantor becomes liable for any unpaid rent, damages, or other charges as specified in the guarantee. This guarantee serves as an added layer of security for landlords, ensuring a source of payment even if the tenant fails to fulfill their obligations. There are a few different types or variations of the Illinois Detailed Form of Good Guy Guaranty, including: 1. Absolute Guarantee: This type of guarantee holds the guarantor fully responsible for all financial obligations, regardless of any issues with the tenant's ability to pay. If the tenant defaults, the landlord can pursue the guarantor for the entire amount owed. 2. Limited Guarantee: Unlike the absolute guarantee, the limited guarantee places a cap or limit on the guarantor's liability. The guarantor is only responsible for a specified amount, beyond which the landlord cannot hold them accountable. 3. Conditional Guarantee: This type of guarantee is contingent upon certain conditions being met. The guarantor's liability only arises if specific criteria, such as the tenant's default or bankruptcy, are satisfied. 4. Personal Guarantee: A personal guarantee is a form of guarantee whereby the guarantor's personal assets can be pursued to fulfill any outstanding obligations. This type of guarantee holds the guarantor individually liable, separate from any corporate entity they may represent. It is important to consult with legal professionals specializing in real estate law when drafting or reviewing an Illinois Detailed Form of Good Guy Guaranty. The specific terms and conditions of the guarantee should be carefully tailored to the unique circumstances of the lease agreement, ensuring the interests of both parties are adequately protected.
