In this guaranty, the guarantor is guaranteeing both payment and performance of all leases now or later entered into with lessee and all the obligations and liabilities due and to become due to lessor from lessee under any lease, note, or other obligation of lessee to lessor. Such a blanket guaranty would suggest a close business relationship between the lessee and guarantor like that of a parent and subsidiary corporation.
The New Jersey Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease is a legal document used in the state of New Jersey to provide a guarantee for the payment and performance of lease obligations by a lessee. This guarantee is extended by a third party, known as the guarantor, who agrees to be responsible for any unpaid rent, damages, or other liabilities that arise from the lease agreement between the lessor and lessee. Keywords: New Jersey, continuing guaranty, payment, performance, obligations, liabilities, lessor, lessee, lease. There are different types of New Jersey Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease, based on the specific purpose and scope of the guarantee agreement. Some of these variations include: 1. Full Continuing Guaranty: This type of guaranty offers a broad coverage, where the guarantor assumes responsibility for all obligations and liabilities under the lease agreement. It encompasses the lessee's payment obligations, as well as performance-related aspects such as maintenance, repairs, and compliance with lease terms. 2. Limited Continuing Guaranty: This variation limits the guarantor's liability to specific obligations or liabilities agreed upon in the lease agreement. It may exclude certain performance aspects or restrict the guarantor's responsibility to only a portion of the total lease obligations. 3. Conditional Continuing Guaranty: In this type, the guarantor's liability is contingent upon certain conditions being met. These conditions could include the occurrence of specific events or the fulfillment of certain obligations by the lessee. If the conditions are not satisfied, the guarantor may be released from their obligation. 4. Unconditional Continuing Guaranty: In contrast to the conditional guaranty, this type imposes an unconditional responsibility on the guarantor. Regardless of any events or actions by the lessee, the guarantor is obligated to fulfill all lease obligations and liabilities, as specified in the agreement. 5. Limited Liability Continuing Guaranty: This type restricts the guarantor's liability to a particular amount or duration. For example, the guarantor may only be responsible for a fixed dollar amount or may only be liable for a certain period of time during the lease term. It is essential for both lessors and lessees in New Jersey to understand the specific terms and scope of the Continuing Guaranty of Payment and Performance agreement they enter into. Seeking legal advice is recommended to ensure that the guaranty aligns with their requirements and protects their interests effectively.
