A personal guarantee commercial lease is designed in a way to safeguard the rights of the landlord in the deal for commercial lease. The format of this particular lease is such that it requires the involvement of another individual, who may be an acquaintance of the tenant but not the tenant himself, to guarantee the regular payment of rents, even in the absence of the tenant, so as to ensure that the landlord’s rights to the particular commercial area remains unaltered.
Sample Personal Guarantee Commercial Lease:
Commercial Lease Number: 3672916
This is to declare that the commercial lease, valid from 14th September, 2011 – 14th September, 2018, has been thoroughly read and all terms clearly understood by all involved parties who have sworn to abide by the conditions as stated in it. The detailed transaction has been given below:
Name of landlord (leaser): Mr. Johann Arthur (owner of Mark Promoters Pvt. Ltd.)
Address: 67, Ripon Lane, London
Name of tenant (lessee): Joseph Roger
Address: 75, Lenin Street, London
Date of commencing the lease: 14th September, 2011
Lease valid till: 14th September, 2018
- Name: Apartment 121, Mark Properties
- Address: 54, Ripon Lane, London
- Area: 3800 sq feet
- Costing: $ 470000
Purpose of the lease: This land is being given on lease to Joseph Roger, and involves a third party [guarantor], Miss Maria Roger, sister of the tenant, who would be liable to every legal aspect of this land in the absence of the tenant. Any breach of the contract will be her liability in the tenant’s absence and can also be penalized for the conduct.
Mike Pearson [lawyer]: _____________________________ [Signature]
I hereby declare to accept the above-stated rules and regulations.
[Signature of leaser]
[Signature of lessee]
[Signature of guarantor]