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The use of a Good Guy Clause allows a renter to be released from liability of the lease if a rental is terminated early, giving tenants less apprehension regarding signing a time bound lease, and satisfying the landlord's worries about reclaiming their space "in the same condition in which they would have been had the lease expired in ...
However, it is possible to assign the lease, but the new party (assignee) will be subject to the lessor’s credit evaluation process and approval. Even if the assignee is approved, the existing lessee’s (assignor’s) personal guarantee(s), if any, might not be released unless the assignee’s credit stature is extremely strong.
A personal guarantee is a promise made by a person or an organization (the guarantor) to accept responsibility for some other party's debt (the debtor) if the debtor fails to pay it. In the case of a personal guarantee made by an individual on behalf of another, the person who makes the personal guarantee is usually referred to as a co-signer ...
Most SBA loans over $50,000 require some form of collateral based on the lender’s non-SBA-guaranteed commercial loan policies. ... A personal guarantee is a legal promise that you will make good ...
But the personal guarantee effectively voids that protection, allowing the lender to pass the liability onto you personally. The lender may also require a blanket Uniform Commercial Code (UCC ...
Retail Lease in Chicago. A retail lease is a legal document outlining the terms under which one party agrees to rent property from another party. A lease guarantees the lessee (the renter) use of an asset and guarantees the lessor (the property owner) regular payments from the lessee for a specified number of months or years.
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