This office lease form is loosely worded guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due under the Lease.
The Ohio Bare-bones Common Form of Good Guy Guaranty is a legal agreement designed to protect landlords in commercial real estate leases. It serves as a guarantee by an individual or entity (usually the tenant or tenant's parent company) to ensure certain obligations are met under the lease agreement. Keywords: Ohio Bare-bones Common Form, Good Guy Guaranty, landlords, commercial real estate leases, guarantee, obligations. The Ohio Bare-bones Common Form of Good Guy Guaranty is often used in commercial lease transactions in Ohio to protect landlords against potential lease defaults. It is referred to as "bare bones" due to its simplified structure and limited provisions compared to a full guaranty, making it a popular choice among both tenants and landlords. Types of Ohio Bare-bones Common Form of Good Guy Guarantees: 1. Tenant's personal guaranty: This type of guarantee is the most common and straightforward. It involves an individual (tenant) accepting personal liability for fulfilling the lease obligations. 2. Corporate guaranty: In some cases, when the tenant is a corporation, the guaranty is provided by the tenant's parent company or a related corporation. This type of guaranty offers added assurance and financial backing. 3. Joint and several guaranties: This variant involves multiple individuals or entities guaranteeing the lease obligations together. In case of a default, all guarantors are jointly and severally liable, meaning the landlord can pursue any or all guarantors for full payment. 4. Limited guaranty: A limited guaranty puts a cap on the guarantor's liability, limiting the amount to be paid in case of a default. This type of guaranty is often negotiated between parties to balance risk and protect the guarantor's assets. Ohio's Bare-bones Common Form of Good Guy Guaranty contains essential provisions such as the guarantor's consent, acknowledgment of liability, and the guarantee's duration. It typically lasts for the initial lease period and any extensions or renewals agreed upon between the parties. In summary, the Ohio Bare-bones Common Form of Good Guy Guaranty plays a significant role in protecting landlords from potential losses due to tenant defaults. Its simplified structure and flexibility make it a widely utilized agreement in commercial leasing transactions in Ohio.
