Michigan Guaranty

Michigan Guaranty or Guarantee of Payment of Rent
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State:
Michigan
Control #:
MI-820LT
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Available formats: Word | Rich Text

Description

This Guaranty or Guarantee of Payment of Rent contract is an agreement between a guarantor for the tenant and the tenant's landlord. The guarantor agrees to pay the rent if the tenant is not able to pay. The guaranty contract sets out the details of this agreement, the trigger for the guarantor's payment, etc.

A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).

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FAQ

What is a personal guaranty of lease?

How long does a rent guarantor last?

What is a commercial guaranty?

What is a personal guarantee in a lease?

Can you stop being a guarantor on a rental property?

How long are you a guarantor for rent?

How enforceable is a personal guarantee?

Should I personally guarantee a commercial lease?

How do you avoid personal guarantee on a lease?

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