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 Pennsylvania Bare-bones Common Form of Good Guy Guaranty is a legal document that outlines the terms and conditions under which a guarantor is obligated to fulfill the obligations of a tenant in a commercial lease agreement. It is commonly used in the state of Pennsylvania to provide a degree of security to the landlord and ensure the timely payment of rent and compliance with other lease provisions. The "bare bones" nature of this guaranty refers to its simplicity, as it contains only the essential elements required to make it legally enforceable. While these terms may vary slightly depending on the specific agreement, generally, they include: 1. Guarantor Identification: The guaranty starts by identifying the guarantor, who is typically an individual or a business entity. 2. Tenant Identification: The guarantor's obligations are tied to a specific tenant, identified in the guaranty. This ensures that the guarantor is responsible for the lease obligations of that specific tenant. 3. Lease Agreement Reference: The guaranty will typically refer to the underlying lease agreement that it is supplementing. This includes providing specific details such as the lease commencement date, term, and location of the leased premises. 4. Guarantor's Obligations: The guaranty outlines the guarantor's obligations, which typically include the payment of rent, taxes, utilities, and other charges that the tenant is responsible for under the lease agreement. The guarantor may also be responsible for any damages caused by the tenant or any breach of lease provisions. 5. Limited Liability: The guarantor's liability is usually limited to a specific monetary amount or a certain period, often coinciding with the term of the lease agreement. This provision protects the guarantor from long-term financial responsibility beyond the agreed-upon scope of the guaranty. 6. Notice/Default Provisions: The guaranty may include provisions regarding notice, such as how and when the guarantor should be informed of the tenant's default or non-payment. This allows the guarantor an opportunity to cure any breaches before further legal action is taken. 7. Severability and Amendments: The guaranty will often include standard legal provisions, such as the ability to enforce individual terms separately (severability) and the ability to modify the guaranty with mutual consent (amendment). It's important to note that while the "bare bones" common form of the guaranty covers the basic elements mentioned above, there may be variations and additional provisions included depending on the particular circumstances and the parties involved. These variations can be tailored to address specific concerns or preferences of the landlord or guarantor. Different types of Pennsylvania Bare-bones Common Form of Good Guy Guaranty may include variations based on lease terms, the parties involved (individual guarantor vs. corporate guarantor), or additional provisions to address specific concerns, such as personal guarantees or security deposits.
