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This Guaranty or Guarantee of Payment of Rent contract is an agreement between a guarantor for the tenant and the tenant's landlord. The guarantor agrees to pay the rent if the tenant is not able to pay. The guaranty contract sets out the details of this agreement, the trigger for the guarantor's payment, etc. A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor). Best Deal! Get this form and 6 more in a Landlord Tenant Package for Only $49.95
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Posted:
08/05/09
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DocStore > Agreements > Real Estate Agreements
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residential lease guaranty

Residential Lease Guaranty

RESIDENTIAL LEASE GUARANTY In consideration for the lease of Landlord’s Property to Tenant, the undersigned Guarantors guarantee the performance of all Tenants under the lease described below. Landlord(s): ______________________________________________________________________________ Tenant(s): ______________________________________________________________________________ Property: ______________________________________________________________________________ Commencement Date:__________ Expiration Date:__________ Monthly Rent:______________ A. Payments. If any Tenant fails to make any payment under the lease, Guarantors will, upon demand, make such payment to Landlord or Landlord’s agent. Payments under the lease include but are not limited to rent, late charges, returned check charges, attorney’s fees, repair costs, pet charges, utility charges, reimbursements to Landlord, maintenance charges, charges for property damage, and other costs or charges specified in the lease. If Tenant otherwise breaches the lease, Guarantors will, upon demand: (i) cure any breach of the lease; or (ii) compensate Landlord or Landlord’s loss resulting from the breach. B. Duration and Notices. This guaranty shall apply upon the lease commencement and shall continue until the lease termination, including any extension or renewal. Guarantors hereby waive any rights to receive notice of any acceptance, modification, amendment, extension, renewal, or breach of the lease. C. Joint and Several Liability. Guarantors are jointly and severally liable for all provisions of this guaranty and lease. D. Attorney’s Fees. Should Landlord be required to enfor