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.
Mecklenburg North Carolina Joint and Several Guaranty of Performance and Obligations is a legal concept that holds multiple parties accountable for fulfilling a specific obligation or performance. It is commonly used in contractual agreements and financial transactions where there are multiple guarantors or debtors involved. In Mecklenburg County, North Carolina, this guaranty binds all parties involved to ensure that the agreed-upon obligations are met, regardless of each party's individual contribution or ability to fulfill the obligations. This means that anyone party can be held fully responsible for the entire performance or debt, even if other parties fail to meet their obligations. The purpose of the Mecklenburg North Carolina Joint and Several Guaranty of Performance and Obligations is to provide a strong level of assurance to the beneficiary or creditor that the obligation will be fulfilled, irrespective of the financial capabilities or reliability of individual guarantors. It also streamlines the legal process, allowing the creditor to pursue the party most capable of fulfilling the obligations without being burdened by complex legal procedures. Different types or variations of Mecklenburg North Carolina Joint and Several Guaranty of Performance and Obligations may exist depending on the specific context and terms mentioned in the contract or agreement. Some variants may include: 1. Individual Joint and Several guaranties: In this type, each party involved is independently liable for the full performance or obligations as if they were the sole guarantor. 2. Solidary Joint and Several guaranties: This variant allows the creditor or beneficiary to choose any party involved to satisfy the obligations entirely, leaving them with the discretion to pursue the party most capable of fulfilling the obligations. 3. Proportional Joint and Several guaranties: This type entails that each party involved is responsible for a predetermined portion or share of the performance or obligations, based on their capacity or contribution mentioned in the agreement. 4. Conditional Joint and Several guaranties: This variation sets certain conditions or criteria for the guarantors to meet, making them jointly and severally liable only if those conditions are met. It is important to note that the specific terms and conditions of Mecklenburg North Carolina Joint and Several Guaranty of Performance and Obligations may vary depending on the parties involved, the nature of the agreement, and the governing laws. Consulting with legal professionals or examining the specific contractual agreement is crucial for accurate understanding and implementation.Mecklenburg North Carolina Joint and Several Guaranty of Performance and Obligations
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Joint and several liability is a legal term for a responsibility that is shared by two or more parties to a lawsuit. A wronged party may sue any or all of them, and collect the total damages awarded by a court from any or all of them.
Under a performance guarantee for the completion of construction, the guarantor is guaranteeing that the completion of a project occurs by a specified date, but if the contractor fails to achieve this date then the guarantor may simply be liable in damages.
Guarantors for a joint tenancy Joint tenants are 'jointly and severally liable' for rent. This means each joint tenant can be held liable for the total amount of rent, not just their share.
When two or more parties are jointly and severally liable for a tortious act, each party is independently liable for the full extent of the injuries stemming from the tortious act.
In a legally binding document, the term jointly and severally clarifies the responsibility that is shared by each party to an agreement. Essentially, it states that all of those named are obligated to perform all of the actions required under the agreement.
A joint guarantee means the signatories are jointly liable as a group for the borrower's indebtedness. If one guarantor does not pay, the others are on the hook to fulfill the group's obligation to repay the full amount of that indebtedness.
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.
Severally but not jointly. An agreement between members of an underwriting group buy a new issue (severally), but not to assume joint liability for shares left unsold by other members.
There is a basic difference between joint liability and several liability. The term joint liability refers to the share of liability assigned to two or more parties involved in a business. Several liability refers to a situation when all parties are liable for their respective contribution to the tortious act.
The term jointly and severally indicates that all parties are equally responsible for carrying out the full terms of an agreement. In a personal liability case, for example, each party named may be pursued for repayment of the entire amount due.
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B. the payment and performance of all other obligations (including indemnity obligations) of. Borrower under the Loan Documents; c.