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.
Kentucky Joint and Several Guaranty of Performance and Obligations is a legal concept that establishes the liability of multiple parties involved in a contract or agreement. Generally, it refers to a guarantee where one or more individuals or entities commit to being jointly and severally liable for the performance and fulfillment of obligations stated in a contract. In Kentucky, there are various types of Joint and Several Guaranty of Performance and Obligations recognized by the legal system. Some common types include: 1. Joint and Several Guaranty of Payment: This type of guarantee holds each guarantor responsible for the entire payment obligation. If one guarantor defaults, the other guarantors must cover the shortfall equally or as specified in the agreement. 2. Joint and Several Guaranty of Performance: Here, the guarantors assume collective responsibility for fulfilling the contractual obligations beyond just payment. This can include meeting deadlines, delivering goods or services, or any other agreed-upon performance commitments. 3. Joint and Several Guaranty of Debt: In this case, the guarantors become responsible for repaying the debt owed by the debtor in the event of default. Each guarantor is liable for the entire debt, and the creditor can pursue any or all guarantors for the full amount owed. It is important to note that joint and several liabilities allows the creditor to seek full satisfaction of the obligations from any one guarantee or a combination of multiple guarantors. The creditor has the right to choose which guarantors to pursue and is not required to allocate the responsibility equally among them. The Kentucky Joint and Several Guaranty of Performance and Obligations provides creditors with an added degree of security, knowing that they can hold multiple parties accountable for fulfilling contractual obligations or meeting financial obligations. On the other hand, guarantors must be cautious and fully understand the implications of assuming joint and several liabilities. In conclusion, the Kentucky Joint and Several Guaranty of Performance and Obligations encompasses various types of guarantees, such as payment, performance, and debt-related guarantees. It serves as a legal safeguard for creditors, allowing them to hold multiple parties responsible for fulfilling contractual obligations. Careful consideration should be given to the implications of assuming joint and several liabilities before entering into such agreements.Kentucky Joint and Several Guaranty of Performance and Obligations
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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.
A joint guarantee means that the signatories as a group are jointly and severally liable for the borrower's debts. If one guarantor fails to pay, the others must meet their obligation to repay that debt in full. The words "jointly" and "severally" refer to the nature of the guarantors' liability under the guarantee.
Difference Between ?Joint? and ?Several? in a Guarantee The words "jointly" and "severally" refer to the nature of the guarantors' liability under the guarantee. 4 A several guarantee means that the signatories, separately or individually, have promised to guarantee the repayment of the borrower's debts.
If attorneys are acting ?jointly and severally?, it means that they can act together, but can also act separately if they wish. This would effectively mean that any one of the attorneys will be able to make a decision by themselves.
A joint and several personal guarantee is signed by 2 or more directors and makes all parties equally liable for the entirety of the debt.
Joint liability is different from joint and several liability in that in joint liability the responsibility is spread equally among the defendants whereas in joint and several liability responsibility shifts depending on the degree/share of defendant's responsibility that is found by a judge or a jury.
The term jointly and severally indicates that all parties are equally responsible for carrying out the full terms of an agreement. In a personal liability case, for example, each party named may be pursued for repayment of the entire amount due.
If an agreement states that you and your roommate(s) are "jointly and severally liable," it's confirming that you're individually and collectively liable for the entire rent. In the event that your roommate(s) fail(s) to pay, you can be held responsible for his/her portion of the rent.
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(a) Subject to Section 2.1(d) below, the Guarantors, jointly and severally, unconditionally and irrevocably guarantee the full and prompt (i) payment in full ... C.Guarantor is the manager and sole member of the Borrower and, having a financial interest in the Collateral, has agreed to execute and deliver this Guaranty ...A joint application shall be accompanied by a certificate from the secretary of each corporation indicating that their respective boards of directors have by ... This administrative regulation establishes security requirements for an insurer's, agency's, or agent's use of consumers' financial and health information. The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole ... Dec 31, 2021 — Common types of guarantees include financial guarantees, performance guarantees, indemnifications, and indirect guarantees of another entity's ... ... Guarantor in this Guaranty) and any Other Guarantor will be joint and several. ... performance of such obligations and then only to the extent of such performance ... complete their performance bond obligations.132 d. Surety v. Third-Party Claimants. “In the ordinary case, a court is not confronted with a priority dispute. Mar 24, 2015 — 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 ... Feb 27, 2014 — requirements for a guaranty of indebtedness set out by Kentucky statute. Therefore, Defendants' Joint Motion for Judgment on the. Pleadings ...