Ontario Guarantee of Commercial Lease by Megadox

VIEWS: 60 PAGES: 2

More Info
									                                     GUARANTEE OF LEASE
THIS GUARANTEE OF LEASE (“Guarantee”) is made as of the _____ day of ______________, _______by
the undersigned [INSERT NAME OF GUARANTOR] (“Guarantor”) to and for the benefit of [INSERT
NAME OF LANDLORD] (“Landlord”).

RECITALS:

1.     Landlord, as landlord, and [INSERT NAME OF TENANT] (“Tenant”), as tenant, have entered
       into, or are about to enter into, a certain lease dated the _____ day of ______________, _______,
       pursuant to which Tenant leases or will lease from Landlord certain premises located at
       __________________________ [insert address], [name of city], Ontario, all as more particularly
       described in the said lease (said lease, as heretofore or hereafter supplemented, amended,
       restated, renewed, extended, replaced or modified, is hereinafter referred to as the “Lease”). All
       capitalized terms which are not expressly defined in this Guarantee shall have the same
       meanings herein as are ascribed to such terms in the Lease.

2.     As a condition to its execution and performance of the Lease, Landlord requires that Guarantor
       execute and deliver this Guarantee of all obligations of Tenant arising and all sums due by
       Tenant under the Lease. The execution and delivery of this Guarantee by Guarantor is a material
       inducement to Landlord for the execution and performance of the Lease.

3.     Guarantor is a ______________________________________ [describe the relationship between
       Guarantor and Tenant, e.g. a principal, shareholder, director, etc.] of Tenant and, having a financial
       interest in Tenant, will be benefited by the Lease. Accordingly, Guarantor has agreed to execute,
       deliver and perform this Guarantee.

NOW THEREFORE the Guarantor (if more than one, both jointly and severally) hereby covenants and
agrees to and with the Landlord as follows:

(a)    The Guarantor unconditionally guarantees to the Landlord the due repayment by the Tenant of
       the payment of all debts and liabilities of the Tenant to the Landlord and the due performance of
       all the Tenant’s obligations under the Lease or owing to the Landlord for any reason whatsoever
       related to the premises or the Lease, including but not limited to the payment of basic rent,
       minimum rent and additional rent.

(b)    The Landlord may grant extensions of credit or time or other indulgences, take and give up
       securities, abstain from taking, perfecting or registering securities, accept compromises, grant
       releases and discharges, and otherwise deal with the Tenant and other parties (including
       guarantors and sureties) as the Landlord may see fit, without notice to the Guarantor and
       without limiting, lessening, terminating, nullifying or invalidating this guarantee or the
       Guarantor's liabilities or obligations hereunder or the Landlord's rights and remedies as against
       the Guarantor.

(c)    The Landlord shall not be bound to exhaust its recourse against the Tenant or other parties or
       other security or securities it may hold, or any of them before requiring payment of the
       Guarantor, and the Landlord may enforce the various remedies available to it and may realize
       upon the various securities or any part thereof in such order as the Landlord may determine.

(d)    The Guarantor's obligations hereunder shall not be limited or reduced by any loss of or in respect
       of, 
								
To top