Middlesex Massachusetts Personal Guaranty - Guarantee of Lease to Corporation
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FAQ
A corporate guarantee is an agreement in which one party, called the guarantor, takes on the payments or responsibilities of a debt if the debtor defaults on the loan.
Consult with an attorney on what your options are. Show proof of consistent revenues and profits (P&L statements, balance sheets, etc) Ask for an amendment to the lease after 12-24 months. Ask for the guarantee to expire after 12-24 months as long as you have paid rent payments on time.
A personal guarantee can be enforced the same way as any debt. If the business owner does not pay, the creditor can bring a lawsuit to receive a judgment and levy the owner's personal assets to cover the debt. The exact terms of a personal guarantee specify a creditor's options under the guarantee.
A personal guarantee puts the tenant's own assets such as real estate, savings, or other valuables on the line should their business not be in a position to pay rent or other lease obligations.
The term personal guarantee refers to an individual's legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay the debt, the individual assumes personal responsibility for the balance.
A lease guarantee is a legal agreement between a landlord, a tenant, and a third party approved by the landlord. This third party is called a lease guarantor. Like a cosigner on a consumer loan, the lease guarantor agrees to be responsible if the tenant defaults on the rental agreement.
A personal guarantee is an agreement between a business owner and lender, stating that the individual who signs is responsible for paying back a loan should the business ever be unable to make payments.
With a personal guarantee, an individual agrees to be held contractually responsible if a borrower falls behind on repaying a loan. Similarly, a corporate guarantee represents an agreement where a corporate entity agrees to be held responsible.
What Are the Advantages of a Personal Guarantee? The main advantage of signing a personal guarantee is increasing your chances of being approved for a business loan. It also signals to the bank or lender that you're willing to put your personal assets on the line for your business.
