The New York Limited Personal Guarantee of Lease is made when the landlord or the housing management company demands the tenant to present a guarantor who will be ready to guarantee that the Tenant will be able to abide by the terms mentioned in this agreement. The Guarantor agrees that if the Tenant fails to pay the rent or any other obligations of the tenant, he would be held responsible and would have to pay the rent to the landlord on behalf of the tenant. This Agreement can be used only in the State of New York.
Text Version of This Form
NEW YORK LIMITED PERSONAL GUARANTEE OF LEASE
, a New York corporation, having an office at
is about to execute a lease between , as landlord (“Landlord”), and
, as tenant (“Tenant”), for the store premises known as
WHEREAS, in order to induce Landlord to enter into the Lease, Tenant has agreed to procure and deliver this Personal Guarantee of the obligations of Tenant to be executed by
, residing at
(hereinafter jointly, severally and collectively referred to as “Guarantor”); and
WHEREAS, Guarantor has a substantial economic interest in Tenant.
NOW, THEREFORE, in connection of ONE DOLLAR ($1.00) and other valuable consideration the receipt of sufficiency of which Guarantor hereby acknowledges:
FIRST: Guarantor, on Guarantor’s behalf, and on behalf of Guarantor’s heirs, distributees, executors, administrators, successors and assigns, does hereby covenant and agree that:
- If Tenant fails to perform any obligation on the part of Tenant to be performed or to pay, when due, the Fixed Rent or any Additional Rent due under the Lease, then Guarantor will pay any such amount, or perform any such obligation.
- Guarantor may, at Landlord’s option, be joined in any action or proceeding commenced by Landlord against Tenant in connection with, and based upon, the failure of Tenant to perform and that recovery may be had against Guarantor in such action or proceeding or any independent action or proceeding against Guarantor, without Landlord first asserting, prosecuting, or exhausting any remedy or claim against Tenant or any assignee of Tenant;
- This Guarantee shall remain and continue in full force and effect as to any extension, modification, assignment or amendment of the Lease;
- The validity of this Guarantee, and the obligations of the Guarantor hereunder, shall in no event be terminated, affected or impaired by reason of (i) any action which Landlord may take or fail to take against Tenant; or (ii) any waiver, or failure to enforce, any of the rights or remedies reserved to Landlord in the Lease or (iii) any partial or total release, for any cause, of Tenant in respect to any of its obligations guaranteed hereby; (iv) the bankruptcy, insolvency, reorganization or liquidation of Tenant; or (v) the disaffirmance or rejection of the Lease by a trustee or receiver in the event of the bankruptcy, insolvency, reorganization or liquidation of Tenant; or (vi) an assignment of the Lease or a subletting of the premises demised under the Lease pursuant to any provision of Article 7 of this Lease including; but not limited to, the third paragraph thereof; and
- This is an irrevocable and unconditional guarantee of payment and performance and not of collection and the obligations hereunder are independent obligations of Guarantor.
SECOND: This Guarantee cannot be changed or terminated orally, and shall be governed and construed in accordance with the laws of the State of New York. Guarantor expressly submits and consents to the jurisdiction of the state and federal courts located in the state of New York, County of New York, with respect to any claim or demand upon Guarantor based upon this Guarantee or any amendment or supplement hereto.
THIRD: No delay on the part of Landlord in exercising any of its options, power of rights, or partial or single exercise thereof, shall constitute a waiver thereof. No waiver of any of its rights hereunder, and no modifications or amendment of this Guarantee, shall be deemed to be made by Landlord unless the same shall be in writing, duly signed on behalf of Landlord and each such waiver, if any, shall apply only with respect to the specific instance involved, and shall in no way impair the rights of Landlord or the obligations of Guarantor to Landlord in any other respect at any other time. The rights, remedies and benefits of Landlord under this Guarantee are cumulative and not exclusive of any other rights, remedies or benefits which Landlord may have.
FOURTH: This Guarantee is binding upon Guarantor, his heirs, distributees, executors, administrators, successors and assigns and shall inure to the benefit of Landlord and its successors and assigns.
FIFTH: The term “herein” or “hereunder” or similar terms used in this Guarantee refer to this entire Guarantee and not to the particular provision in which the term is used. Unless stated, all references herein to Paragraphs or other provisions are reference to Paragraphs or other provisions of this Guarantee.
SIXTH: All notices, consents and other communications under this Guarantee shall be in writing and shall be deemed given hereunder when sent by U.S. Registered or Certified Mail, Return Receipt Request or by Federal Express or other reputable overnight carrier, for next business day delivery, to the parties at the following addresses, or at any other address as any party may from time to time specify by notice of the other:
SEVENTH: Guarantor does hereby irrevocably designate
, Esq. with offices at
as agent for Guarantor, pursuant to CPLR Section 318, authorized to receive and accept any notice of legal process from the Landlord, its legal counsel and/or managing agent. This designation shall not be affected by the subsequent disability, incompetence or death of Guarantor and shall be binding upon the Guarantor’s heirs, legal representatives, successors or assigns. Guarantor may, from time to time, but not more often than once during each successive twelve month period occurring from and after the date of the Lease, by notice in writing to Owner, change such designation.
EIGHTH: Notwithstanding any contrary provision contained herein, this Guarantee shall extend only to those obligations accruing pursuant to the Lease for, during and through the date of delivery of possession of the premises demised to Tenant under the Lease to Landlord, said premises restored to its condition as of the date of execution hereof.
IN WITNESS WHEREOF, the undersigned have hereunto set their respective hands on the date or dates set forth below.
TO BE USED ONLY WHEN THE ACKNOWLEDGMENT IS MADE IN NEW YORK STATE
State of New York, County of , ss: State of New York, County of , ss:
On the day of in the year , before me, On the day of in the year , before me,
the undersigned, personally appeared the undersigned, personally appeared
personally known to me or proved to me on the basis of personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument. the individual(s) acted, executed the instrument.
(signature and office of individual taking proof) (signature and office of individual taking proof)
TO BE USED ONLY WHEN THE ACKNOWLEDGMENT IS MADE OUTSIDE NEW YORK STATE
State (or District of Columbia, Territory, or Foreign Country) of ss:
On the day of in the year , before me, the undersigned, personally appeared
, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument, and that such individual made such appearance before the undersigned in the .
(insert the city or other political subdivision and the state or country or other place the acknowledgment was taken)
(signature and office of individual taking acknowledgment)
LIMITED PERSONAL GUARANTEE