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.
Michigan Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord is a legal clause found in certain agreements or contracts that govern the relationship between a landlord and a guarantor in the state of Michigan. This provision ensures that the guarantor's obligations and liability under the guaranty agreement remain unaffected even if the landlord chooses to waive or forbear from enforcing certain terms or conditions of the agreement. The purpose of including this provision in a guaranty agreement is to protect the guarantor's interests and hold them accountable for their obligations regardless of any leniency or relaxation shown by the landlord towards the tenant. It emphasizes that the guarantor's liability remains intact and is not diminished or affected by the landlord's actions. The Michigan Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord is crucial in guaranteeing that the guarantor's commitment to fulfill the financial or other obligations of the tenant is absolute and cannot be undermined. It promotes the stability and integrity of the guaranty agreement by preventing any potential misunderstandings or disputes that may arise concerning the guarantor's responsibilities. Different types or variations of this provision may exist depending on the specifics of the guaranty agreement or the preferences of the parties involved. Some examples include: 1. Absolute non-waiver provision: This type of provision states unequivocally that any waiver or forbearance by the landlord regarding the tenant's breach of the agreement does not release or relieve the guarantor from their obligations under the guaranty. 2. Conditional non-waiver provision: This provision allows for certain waivers or forbearance by the landlord but specifies that they do not extend to the guarantor and that their liability remains unaffected. 3. Limited non-waiver provision: This type of provision stipulates that only specific waivers or forbearance granted by the landlord will not impact the guarantor's liability. Other circumstances or breaches may still hold the guarantor responsible. These variations cater to the unique circumstances and preferences of the parties involved, while maintaining the overall purpose of the provision, which is to safeguard the guarantor's liability under the guaranty agreement in Michigan. It is important for landlords, tenants, and guarantors to fully understand the implications and provisions of any guaranty agreement they enter into to ensure clarity and fair treatment for all parties involved.
