When the tenant is a corporation/company, landlords generally require a personal guarantee to make the individual owner(s) personally liable.
Document Last Modified: 10/17/2016
Having a commercial tenant sign in agreement to the terms and conditions as set forth in the ezLandlordforms’ >Personal Guarantee requires the owner of the business that is renting your commercial space to become completely responsible for financial considerations and damages. Hence the words “owner(s) of the business” because it was not uncommon for a business to “go under” leaving the commercial landlord empty-handed and nowhere to go for the money that is owed. The “Personal Guarantee” prevents this scenario from occurring as it provides an additional layer of security. It makes a person, a living breathing individual or individuals take on the responsibility and liability financially and fully for the commercial lease.
For instance… if ABC Boating Company (fictitious name) goes under, so to speak and skips out of the leased premises owing thousands and thousands of dollars, but the owner “Joe Blackbeard” (another fictitious name) signed the ezLandlordForms Personal Guarantee document; the landlord may then have a fighting chance to sue “Mr. Blackbeard” and at the least gain a judgment for the monies owed.
EZ Landlord Forms’ Personal Guarantee is a fully revisable document. There is important legal text installed in this editable form so it is imperative to be careful when editing.
Oftentimes a savvy commercial tenant will be reluctant to sign and actually request changes or desire to modify the Guarantee. Before proceeding forward with making any changes, it is strongly suggested having an attorney assist in any negotiation to protect your interests.
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