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.
Ohio Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord In the state of Ohio, a Provision of Guaranty is a legal agreement commonly used in real estate transactions. This provision specifically addresses the issue of waiver or forbearance by the landlord and its impact on the guarantor. When a guarantor, usually an individual or a company, agrees to guarantee the performance of a tenant under a lease agreement, they become responsible for ensuring the tenant meets their obligations. However, situations may arise where the landlord grants waivers or forbearance to the tenant for certain breaches or failures to fulfill lease terms. To protect the guarantee, the Ohio Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord emphasizes that the guarantor's obligations remain intact and unaltered despite any leniency extended on the landlord's part. This provision reinforces the guarantor's liability for the tenant's actions, regardless of the landlord's willingness to grant concessions. There can be various types or variations of Ohio Provision of Guaranty Stating that it is Unaffected by Any Waiver or Forbearance by Landlord, each with its own unique language and specific details. Some common forms or names of this provision may include: 1. Absolute Guaranty: This form of provision ensures the guarantor's liability is absolute and unaffected, even if the landlord grants waivers, extensions, or forbearance to the tenant. It emphasizes the guarantor's responsibility to fulfill their obligations regardless of any leniency shown to the tenant. 2. Continuing Guaranty: This provision ensures that the guarantor remains liable for the tenant's obligations throughout the entire duration of the lease, including any extensions or renewals. It specifies that any waivers or forbearance by the landlord do not release the guarantor from their responsibilities. 3. Non-Waiver Provision: This type of provision explicitly states that the landlord's granting of waivers or forbearance to the tenant shall not operate as a waiver of the guarantor's obligations. It emphasizes that any concessions made to the tenant do not affect the guarantor's liability. 4. Indemnity Agreement: In some cases, the Ohio Provision of Guaranty may also be structured as an indemnity agreement. This agreement outlines that the guarantor shall indemnify and hold harmless the landlord from any losses, damages, or expenses arising from the tenant's lease-related breaches, even if waivers or forbearance have been granted. It's important to note that the specific content and language of these provisions may vary, depending on the involved parties, the complexity of the lease agreement, and the nature of the guarantor's guarantee. Legal advice should always be sought when drafting or interpreting such provisions to ensure compliance with Ohio state laws and regulations.
