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.
Puerto Rico Bare-bones Common Form of Good Guy Guaranty is a legal agreement that outlines the terms and conditions between a landlord and a tenant regarding lease guarantees. In simpler terms, it is a document that provides financial security for the landlord by having a third-party guarantee the payment of rent and other obligations in case the tenant defaults. This type of guaranty is commonly used in commercial real estate transactions in Puerto Rico. The "bare bones" aspect refers to the simplified nature of the agreement, as it focuses on essential elements and excludes additional provisions that may be found in a more comprehensive guaranty. Key provisions in a Puerto Rico Bare-bones Common Form of Good Guy Guaranty include the identification of the tenant, the guarantor, and the landlord, as well as the terms of the lease being guaranteed. The guarantor agrees to be held liable for any unpaid rent, damages, or other monetary obligations that arise during the lease term or any holdover period. Different variations of Puerto Rico Bare-bones Common Form of Good Guy Guaranty may exist depending on the specific requirements and preferences of the parties involved. Some of these variations include: 1. Limited Guaranty: This form of guaranty limits the liability of the guarantor to a certain amount or a specific time frame. For example, the guarantor may only be responsible for six months of rent or a maximum of $100,000. 2. Continuing Guaranty: In this case, the guarantor's liability continues even beyond the expiration of the lease term. The guarantor remains responsible for any unpaid amounts until they are fully satisfied, even if the tenant has vacated the premises. 3. Conditional Guaranty: This type of guaranty is conditioned upon certain circumstances or events. For instance, the guarantor's liability may only arise if the tenant default triggers a specific condition specified in the agreement. It is essential for all parties involved in a Puerto Rico Bare-bones Common Form of Good Guy Guaranty to seek legal advice and fully understand their rights, responsibilities, and potential risks associated with the agreement. Professional guidance will ensure that the guaranty adequately protects the landlord's interests while complying with Puerto Rico's legal requirements.
