This office lease form is a guranty that absolutely, unconditionally and irrevocably guarantees the landlord the full and prompt performance and observance of all of the tenant's obligations under the lease, including, and without limitation, the full and prompt payment of all rent and additional rent payable by the tenant under the lease and tenant's indemnity obligations benefiting the landlord under the lease.
Oregon Joint and Several Guaranty of Performance and Obligations is a legal concept that holds parties accountable for fulfilling their obligations in various agreements or contracts. In this guarantee, two or more individuals or entities are collectively liable for the performance or payment of a specific obligation. This type of guarantee can be applied to a variety of situations, including partnerships, loans, leases, and business contracts. One of the key aspects of Oregon Joint and Several Guaranty of Performance and Obligations is that each guarantor is equally responsible for the entire obligation. This means that if one party fails to fulfill their part of the agreement, the other guarantors must step in to cover the entire amount. This principle ensures that the creditor or the party receiving the guarantee is protected and has multiple parties to turn to for fulfilling the obligation. Different types of Oregon Joint and Several Guaranty of Performance and Obligations can arise depending on the specific context in which the guarantee is applied. For example, in a business partnership, if one partner defaults on a loan, the other partners can be held jointly and severally liable for the entire repayment amount. Similarly, in a commercial lease agreement, if one tenant fails to pay rent, the other guarantors may be required to cover the unpaid rent in its entirety. It is important to note that Oregon Joint and Several Guaranty of Performance and Obligations can have significant implications for parties involved. Guarantors should be aware of the full extent of their responsibility before entering into such agreements. It is advisable to seek legal counsel or thoroughly review the terms and conditions to fully understand the potential risks and consequences. In summary, Oregon Joint and Several Guaranty of Performance and Obligations is a legal concept where two or more parties share collective liability for fulfilling a specific obligation. It serves to protect the interests of creditors and ensure that all parties involved in an agreement are held accountable.Oregon Joint and Several Guaranty of Performance and Obligations
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Joint and several guarantee in British English (d???nt ?nd ?s?vr?l ??ær?n?ti? ) noun. law. a legal guarantee undertaken by multiple people in which any one guarantor can be held fully responsible for repaying the whole of the debt despite each guarantor only being partially responsible for that debt.
A joint guarantee means the signatories are jointly liable as a group for the borrower's indebtedness. If one guarantor does not pay, the others are on the hook to fulfill the group's obligation to repay the full amount of that indebtedness.
A joint guarantee means that the signatories as a group are jointly and severally liable for the borrower's debts. If one guarantor fails to pay, the others must meet their obligation to repay that debt in full. The words "jointly" and "severally" refer to the nature of the guarantors' liability under the guarantee.
Joint & Several Personal Guarantees. Joint and several guarantees leave all guarantors liable for the full debt. This puts finances and assets at risk.
The term jointly and severally indicates that all parties are equally responsible for carrying out the full terms of an agreement. In a personal liability case, for example, each party named may be pursued for repayment of the entire amount due.
A personal guarantee is a provision a lender puts in a business loan agreement that requires owners to be personally responsible for their company's debt in case of default. Lenders often ask for personal guarantees because they have concerns over the credit history, age or financial stability of your business.
Most guarantees in today's market are drafted as ?joint and several? guarantees, meaning that each guarantor is both jointly liable (as a member of the group) and individually liable (on its own separately), to the lender for the repayment in full of a borrower's indebtedness.
With a ?several? guaranty, each guarantor is agreeing to be liable to the lender for up to $500,000 irrespective of what the other guarantor has repaid. In our example, ?several? guaranties from the guarantors would provide for full coverage of the $1,000,000 loan.
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By executing this Joint and Several Personal Guaranty, Guarantor ... the Reimbursement and full performance of Guarantor's other obligations under this Agreement. This Repayment and Completion Guaranty Agreement (this “Guaranty”) is made and entered into as of the 1st day of date, 2017 by the State of Oregon, ...(a) Subject to Section 2.1(d) below, the Guarantors, jointly and severally, unconditionally and irrevocably guarantee the full and prompt (i) payment in full ... Guarantor agrees that performance of the obligations hereunder shall be a primary ... a joint and several (solidary instead for purposes of Louisiana law) basis. The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole ... Dec 31, 2021 — Common types of guarantees include financial guarantees, performance guarantees, indemnifications, and indirect guarantees of another entity's ... (3) A member's duty of care to a member-managed limited liability company and the other members in the conduct and winding up of the business of the limited ... by EC Arnold · 1925 · Cited by 11 — A guaranty is secondary, whilst suretyship is a primary obligation." The classification in the Roman law was similar. "The creditor asks: centam qua, Titis ... by BD Hulse · Cited by 2 — This Article explores the somewhat complex and often surprising law that governs the rights of a guarantor after it makes payment under the guaranty and then ... Mar 24, 2015 — ... the group's obligation to repay the full amount of that indebtedness. A several guarantee means the signatories have made separate or ...