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.
Tennessee Joint and Several Guaranty of Performance and Obligations
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US-OL4A024C
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How to fill out Joint And Several Guaranty Of Performance And Obligations?
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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 and several liability is a legal term for a responsibility shared by two or more parties to a lawsuit. A wronged party may sue any or all of them, as well as collect the total damages awarded by a court from any or all of them. In such cases, responsibility for the total amount awarded would be shared by all.
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.
The term "joint and several" basis means that any of the parties involved could be sued for the full amount if a warranty claim arises. Management teams often come under pressure from equity investors to give warranties under an investment agreement on such a basis.
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.
In law, joint and several liability makes all parties in a suit responsible for damages up to the entire amount awarded. That is, if one party is unable to pay, the others named must pay more than their share.
Under joint and several liability each defendant is held liable for the whole of the damage regardless of how many other defendants are also liable (which often means a race to the deepest pocket); whereas under proportionate liability each defendant is responsible for his or her or its relative level of fault, which ...
Opponents of the principle of joint and several liability argue that its use is unfair to many defendants. Joint and several liability will lead to cases in which a party who has a very small share of the responsibility for a plaintiff's injury may unfairly shoulder the burden of paying all of the damages.