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 Mexico Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord is an important legal clause that protects both the landlord and the guarantor in a lease agreement. This provision states that any waiver or forbearance granted by the landlord to the tenant does not release the guarantor from their obligations under the lease. In New Mexico, there are several types of provisions of guaranty stating that they are unaffected by any waiver or forbearance by the landlord. These include: 1. General Guaranty Provision: This type of provision applies to all types of leases, whether it is for residential or commercial purposes. It ensures that the guarantor remains liable for the tenant's obligations even if the landlord decides to waive or delay enforcement of certain terms of the lease. 2. Residential Lease Guaranty Provision: This specific provision is tailored for residential leases in New Mexico. It emphasizes that any leniency or accommodation given to the tenant by the landlord, such as a rent reduction or deferral, does not release the guarantor from their financial responsibilities. 3. Commercial Lease Guaranty Provision: In the case of commercial leases, this provision specifies that any waiver or forbearance by the landlord towards the tenant does not absolve the guarantor from their duties. It ensures that the guarantor remains fully liable for the tenant's obligations, including the payment of rent, maintenance, and any damages caused. The purpose of these provisions is to safeguard the landlord's rights and financial interests, as well as to ensure that the guarantor fulfills their commitment, regardless of any leniency shown towards the tenant. By including this clause in the lease agreement, both parties establish clear boundaries and maintain the integrity of the agreement. It is essential for landlords and guarantors in New Mexico to carefully review and understand the Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord to protect their legal rights and obligations. Consulting with a qualified attorney experienced in New Mexico real estate law is advisable to ensure compliance with state regulations and to draft a comprehensive and enforceable lease agreement.
