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 Virgin Islands Bare-bones Common Form of Good Guy Guaranty is a legal document outlining a specific type of personal guarantee in the context of a commercial lease agreement. This guarantee is typically used in the Virgin Islands and is designed to protect the landlord's interests. A Good Guy Guaranty is a type of guarantee commonly found in commercial leasing agreements. It is signed by a third party, typically an individual, who agrees to be personally liable for the tenant's lease obligations. The term "Bare Bones" refers to a simplified version of this guaranty, containing only essential elements to protect the landlord's interests. The Virgin Islands Bare-bones Common Form of Good Guy Guaranty includes key provisions that outline the obligations and responsibilities of the guaranteeing party. These provisions typically include the following: 1. Effective Dates: This section defines the start and end dates of the guaranty agreement, specifying the lease term to which the guarantee applies. 2. Parties: Here, the guarantor's full legal name and contact information are provided, along with the tenant's details and the landlord's information. It is essential to accurately identify the parties involved to ensure enforceability. 3. Lease Details: This section describes the specific lease agreement covered by the guaranty, including the premises' address, lease term, rent amount, and any other pertinent terms. 4. Guarantor's Representations: The guarantor makes several statements confirming their financial capability, acknowledging that they have thoroughly reviewed the lease terms, and agreeing to fulfill any obligations outlined in the agreement. 5. Conditions and Triggers: The guaranty may outline certain conditions that will trigger the guarantor's liability, such as the tenant's default or failure to pay rent. This section specifies the circumstances under which the guarantor becomes responsible for the lease obligations. 6. Limitation of Liability: It is common for the guaranty to include a provision limiting the guarantor's liability, such as capping the amount they are responsible for or excluding certain types of damages. 7. Signature and Notarization: The guaranty ends with the guarantor's signature and the date of execution, along with a notary acknowledgment to add legal validity and authenticity. Different types or variations of the Virgin Islands Bare-bones Common Form of Good Guy Guaranty may exist, tailored to specific leasing situations or with additional clauses to further protect the landlord. Some examples include: 1. Limited Guaranty with Payment Guaranty: This variation may specifically address payment obligations and include a provision requiring the guarantor to make rent payments if the tenant defaults. 2. Limited Guaranty with Performance Guaranty: This type of guaranty may focus on the guaranteeing party's obligation to perform or complete certain lease-related obligations, such as maintenance or repairs. 3. Parental Guaranty: In cases where the tenant is an entity such as a corporation or partnership, a parental guaranty may be used, involving the parent company or partners assuming the obligations of the tenant. It is important to consult legal professionals or review local regulations to ensure compliance and accuracy when drafting or entering into a Virgin Islands Bare-bones Common Form of Good Guy Guaranty.
