In this guaranty, the guarantor is guaranteeing both payment and performance of all leases now or later entered into with lessee and all the obligations and liabilities due and to become due to lessor from lessee under any lease, note, or other obligation of lessee to lessor. Such a blanket guaranty would suggest a close business relationship between the lessee and guarantor like that of a parent and subsidiary corporation.
The Wisconsin Continuing Guaranty of Payment and Performance of all Obligations and Liabilities Due to Lessor from Lessee under lease is a legal document that provides assurance to the lessor (landlord) that the lessee (tenant) will fulfill their financial obligations and perform their duties as outlined in the lease agreement. It is a form of security for the lessor, ensuring that they will receive payment for rent and fees, as well as any other obligations mentioned in the lease. The Wisconsin Continuing Guaranty is a binding contract that is typically signed by a third party, known as the guarantor, who agrees to be responsible for the lessee's financial obligations in case of default or non-payment. This means that if the lessee fails to make the required payments or breaches the terms of the lease, the guarantor will step in and fulfill those obligations. The guarantor essentially acts as an additional layer of security for the lessor. Keywords: Wisconsin Continuing Guaranty, Payment and Performance, Obligations, Liabilities, Lessor, Lessee, Lease, Guarantor, Default, Non-payment, Security. Types of Wisconsin Continuing Guaranty: 1. Individual Guaranty: This is the most common type of Wisconsin Continuing Guaranty, where an individual acts as the guarantor for the lessee. The individual's personal assets and creditworthiness are used as collateral in case of default. 2. Corporate Guaranty: In certain cases, a corporation may sign a Wisconsin Continuing Guaranty on behalf of the lessee. This means that the corporation becomes liable for the lessee's financial obligations under the lease. 3. Limited Guaranty: A limited guaranty may be used when the guarantor's liability is limited to a certain amount or specific obligations. This type of guaranty offers some protection to the guarantor, as they are not held fully responsible for all the lessee's obligations. 4. Unconditional Guaranty: An unconditional guaranty means that the guarantor accepts full responsibility for all the lessee's obligations and liabilities without any limitations or conditions. They are financially liable for the entire duration of the lease term. 5. Conditional Guaranty: In contrast to an unconditional guaranty, a conditional guaranty imposes certain conditions or requirements on the guarantor's liability. For example, the guarantor may only be responsible for payment if specific events or circumstances occur. It is essential to carefully review and understand the terms and conditions of the Wisconsin Continuing Guaranty before signing, as it involves significant financial obligations and potential legal implications for all parties involved.
