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.
The New Jersey Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord is an important legal clause that protects the rights and obligations of both landlords and tenants in commercial lease agreements. This provision ensures that any waivers or forbearance granted by the landlord to the tenant, whether explicitly or implicitly, will not release the guarantor of their obligations under the lease. In New Jersey, there are various types of provisions of guaranty that state they are unaffected by any waiver or forbearance by the landlord. These can include: 1. Absolute Guaranty Provision: This type of provision makes it clear that the guarantor's obligations are unconditional and independent. It states that any waiver or forbearance by the landlord towards the tenant, such as granting an extension for rent payment or overlooking a breach of lease, will not release the guarantor from their obligations. 2. Continuing Liability Provision: This provision emphasizes that the guarantor's liability for the lease obligations continues throughout the term of the lease, regardless of any waivers or forbearance granted by the landlord. It ensures that the guarantor remains accountable for the tenant's performance under the lease agreement. 3. No Release Provision: This type of provision explicitly states that any waiver or forbearance granted by the landlord will not release the guarantor from their obligations. It highlights that the guarantor cannot rely on any leniency or lenient actions by the landlord towards the tenant to escape their responsibilities. 4. Irrevocable Guarantee Provision: This provision declares that the guaranty is irrevocable and remains in full force and effect regardless of any waivers or forbearance granted by the landlord. It ensures that the guarantor's obligation remains intact and unaffected even if the landlord temporarily waives certain terms or provides forbearance to the tenant. By including the New Jersey Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord in a commercial lease agreement, both landlords and guarantors are protected. Landlords can provide temporary flexibility or leniency towards tenants without jeopardizing the guarantor's responsibility to uphold the lease terms. Guarantors, on the other hand, understand that their obligations persist regardless of any waivers or forbearance granted by the landlord.
