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Residential Lease Guaranty and Guarantor Application

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Residential Lease Guaranty and Guarantor Application Powered By Docstoc
					This Residential Lease Guaranty and Guarantor Application is executed by a party that
intends to act as guarantor of a tenant who is leasing a residential property. The
document sets out that in the event the tenant defaults on any terms or conditions of the
lease, such as failing to pay rent, the guarantor shall be responsible making such
payments. The document also contains an application authorizing the landlord to
perform a credit check on the guarantor to determine the guarantor’s credit worthiness.
          RESIDENTIAL LEASE GUARANTY & GUARANTOR
                        APPLICATION
              THE UNDERSIGNED, being the Guarantor(s) for __________________
[Instruction: Insert tenant’s name.]’s (the “Tenant”) performance of all of the terms,
conditions and obligations contained in a Lease Agreement made between the Tenant and
_______________ [Instruction: Insert landlord’s name.] (the “Landlord”) dated the ____ day
of _____________ [Instruction: Insert lease date.] (the “Lease”) for the residential property
located at ________________ [Instruction: Insert description of the leased premises,
including the municipal address and apartment number if any.] (the “Leased Premises”),
the Guarantor(s) does hereby covenant, acknowledge and agree as follows:

1.       In the event the Tenant fails to make any payment or payments, for rent or otherwise as
         set forth in the Lease, which may be due and owing or become due and owing to the
         Landlord, the Guarantor(s), shall, upon written demand by the Landlord, make any and
         all such payments which are due and owing to the Landlord. Such payments to the
         Landlord shall be made by the Guarantor(s) within _____ (__)[Instruction: Insert
         written number of days, followed by a numerical representation of same in
         parentheses.] days of the Guarantor(s) receiving such written demand from the
         Landlord. The payments which may be due and owing or become due and owing to the
         Landlord, shall include but not be limited to, any outstanding rent payments for the
         Leased Premises, NSF check charges and/or costs associated with any repairs that may be
         required for damage caused by the Tenant. If Tenant otherwise breaches the Lease,
         Guarantors will, upon demand, either cure the breach or compensate the Landlord for the
         loss resulting from the breach.

2.       The Guarantor(s) acknowledge and its/his/her/their obligations to guarantee the Lease
         shall be effective as of the commencement date of the lease and shall continue in full
         force and effect until the termination date of the lease. The obligations of the
         Guarantor(s) shall extend beyond the termination of the Lease in the event the Tenant and
         the Landlord enter into a written agreement to extend the term of the Lease, any
         amendments to the Lease or any breach of the terms and conditions of the Lease by the
         Tenant. Guarantor(s) waive any rights to receive notice of any such extension,
         acceptance, modification, amendment, extension, renewal, or breach of the Lease.

3.       In the event there is more than one Guarantor guaranteeing the terms, conditions and
         obligations of the Tenant, the obligations of the Guarantor(s) shall be joint and several.

4.       If any term of this Agreement is held by a court of competent jurisdiction to be invalid or
         unenforceable, then this Agreement, including all of the remaining terms, will remain in
         full force and effect as if such invalid or unenforceable term had never been included.

5.       Any person who is a prevailing party in any legal proceeding brought under or related to
         this guaranty is entitled to recover attorney’s fees from the non-prevailing party.




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6.     The Guarantor(s) shall submit to the Landlord a completed Guarantor Application to
       ensure the creditworthiness of the Guarantor(s). In the event the Landlord approves the
       Guarantor(s) application as to creditworthiness, the obligations of the Guarantor(s) shall
       commence as of the commencement date of the lease.

7.     The Guarantor(s) acknowledge receipt of an executed copy of the Lease entered into
       between the Landlord and the Tenant.

8.     It shall be the sole responsibility of Guarantor(s) to ensure Landlord has up-to-date
       contact information for Guarantor(s) for notification purposes.

Dated this ____ day of ______________, 2______. [Instruction: Insert date.]


Witness:                                            Guarantor
                        GUARANTOR APPLICATION
       THIS GUARANTOR APPLICATION APPLIES TO THE LEASED PREMISES
LOCATED AT __________________________________ [Instruction: Insert description of
leased premises, including municipal address and apartment number, if any.] AND THE
LEASE AGREEMENT ENTERED INTO BETWEEN _____________________ [Instruction:
Insert tenant’s name.] (the “Tenant”) AND __________________ [Instruction: Insert
landlord’s name.] (the “Landlord”) DATED THE _____ DAY OF __________, 2_______.
[Instruction: Insert lease date.]

GUARANTOR(S) FULL NAMES:

Guarantor 1:

Address:
Email Address:
Date of Birth:                            Social Security Number:

Place of Employment and Address:

Position and Duration at Place of Employment:

Monthly Gross Income from all Sources:

Guarantor 2 (if applicable):

Address:
Email Address:

Date of Birth:                            Social Security Number:

Place of Employment and Address:

Position and Duration at Place of Employment:                               ____________

Monthly Gross Income from all Sources:

THE GUARANTOR(S) HEREBY SUBMIT TO THE LANDLORD the sum of ____________
($______)[Instruction: Insert written dollar amount to be paid, followed by a numerical
representation of same in parentheses.] United States Dollars which shall be non-refundable
for the processing of this Guarantor Application by the Landlord.
THE GUARANTOR(S) HEREBY AUTHORIZE THE LANDLORD TO RECEIVE ANY AND
ALL CREDIT REPORTS, CREDIT HISTORY REPORTS AND SUCH OTHER
DOCUMENTATION AS THE LANDLORD MAY REQUIRE TO DETERMINE THE
GUARANTOR(S) CREDITWORTHINESS.

DATED this _____ day of ____________________________, 2_____ [Instruction: Insert
date.] .




Witness:                                   Guarantor



Witness:                                   Guarantor

				
DOCUMENT INFO
Description: This Residential Lease Guaranty and Guarantor Application is executed by a party that intends to act as guarantor of a tenant who is leasing a residential property. The document sets out that in the event the tenant defaults on any terms or conditions of the lease, such as failing to pay rent, the guarantor shall be responsible making such payments. The document also contains an application authorizing the landlord to perform a credit check on the guarantor to determine the guarantor’s credit worthiness.
This document is also part of a package Real Estate Business Templates 153 Documents Included