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.
Keywords: Oklahoma Continuing Guaranty of Payment and Performance, Obligations, Liabilities, Lessor, Lessee, Lease. Description: The Oklahoma Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under Lease is a legal document that establishes a guarantee from a third-party entity or individual (the guarantor) to the lessor. This guaranty ensures the fulfillment of payment and performance obligations by the lessee under a lease agreement. In Oklahoma, there may be different types of Continuing Guaranty of Payment and Performance, some of which include: 1. Unconditional Continuing Guaranty: This type of guaranty pledges the guarantor's commitment to fully satisfy any payment or performance obligations arising from the lease. It is not conditioned on any particular default or event. 2. Conditional Continuing Guaranty: This variation of the guaranty is activated only upon the occurrence of a specific default or event outlined in the lease agreement. The guarantor's obligations are triggered only if the lessee fails to meet their payment or performance requirements as specified. 3. Limited Continuing Guaranty: With this type of guaranty, the guarantor's liability is limited to a certain amount or specific obligations mentioned in the lease agreement. It provides protection to the guarantor by setting boundaries on their liability. 4. Absolute Continuing Guaranty: An absolute continuing guaranty covers all payment and performance obligations of the lessee under the lease agreement. It lacks any limitations or conditions, making the guarantor fully responsible for the lessee's obligations. The Oklahoma Continuing Guaranty of Payment and Performance is a crucial legal tool that protects the lessor's interests and mitigates risks associated with lease agreements. It provides a level of assurance to lessors by ensuring they will receive timely payments and the lessee will meet their obligations, even if the lessee defaults on their responsibilities.
