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FiveStarLaw
FiveStarLaw, Attorney
Category: Business Law
Satisfied Customers: 36470
Experience:  25 years of experience helping people like you.
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Need a transactional attorney to review a business lease for

Customer Question

Need a transactional attorney to review a business lease for a medical office renting space. I have a pdf copy of the file that can be emailed to the attorney.
Submitted: 3 years ago.
Category: Business Law
Expert:  FiveStarLaw replied 3 years ago.
Hello,

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by JustAnswer.com and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open forum. Do you understand and accept these provisions as well as Justanswer.com's disclaimer?

Please respond with a Yes or No to continue.


If you have a specific question concerning a clause of your lease, I can assist you with that information. However reviewing your entire lease and rendering an opinion would be the practice of law and is not permitted
Customer: replied 3 years ago.
yes, if i am able to ask you questions regarding more than one area of the lease.
Expert:  FiveStarLaw replied 3 years ago.
yes you can ask myself or another expert multiple questions. However J.A. policy requires that you start a new thread for a new question. So you will need to accept an answer and then you may start your new question in a new thread.
Customer: replied 3 years ago.
Question is going to be regarding an exhibit added to the lease called "Guaranty of Lease" Our business is a S or C Corporation which is suppose to protect the owner. The landlord is requesting the owner sign a guarantor agreement with the owner of the business being listed as the Guarantor and the following is what it states and we would like to know if that is something we should be required to sign if we are a corporation:

FOR VALUE RECEIVED, and in consideration of the sum of $1.00 in hand paid and of and as an inducement for the execution and delivery of the Lease referred to above between Landlord and Tenant, the undersigned Guarantor(s) hereby jointly and severally guarantee to Landlord the full and prompt payment of all rent, including fixed rent and any contingent or percentage or other rent, and any and all other sums and charges payable by Tenant under the Lease, and the full and timely performance and observance of all the covenants, terms and conditions and agreements in the Lease to be performed and observed by the Tenant. Guarantor(s) hereby covenant and agree that if default shall at any time be made by the Tenant in the payment of any such rent or any other sums or charges, or in the performance and observance of any of the covenants, terms, conditions or agreements in the Lease, the Guarantor(s) will promptly pay such rent and other sums and charges to the Landlord, and perform and fulfill all of the terms, covenants, conditions and agreements, and will pay the Landlord all damages and expenses, including attorneys' fees, that may arise in consequence of any default by the Tenant under the Lease or by the enforcement of this Guaranty.

This Guaranty is an absolute and unconditional guaranty of payment and of performance. It shall be enforceable against the Guarantor(s), jointly or severally, without the necessity of any suit or proceedings on the Landlord's part of any kind or nature whatsoever against the Tenant and without the necessity of any notice of non-payment, non-performance, non-observance, acceptance of this guaranty, or of any other notice or demand to which the Guarantor(s) hereby expressly waive. The Guarantor(s) hereby expressly agree that the validity of this Guaranty and the obligations of the Guarantor(s) hereunder shall in no way be terminated, affected, diminished or impaired by reason of the assertion or failure to assert by the Landlord against the Tenant any of the rights and remedies available to the Landlord or by relief of Tenant from any of the Tenant’s obligations under this Lease by the rejection of the Lease in connection with proceedings under the Bankruptcy laws now or hereafter in effect or otherwise.

This Guaranty shall be a continuing guaranty and the liability of the Guarantor(s) hereunder shall in no way be affected, modified or diminished by reason of any assignment, renewal, modification of the Lease or by reason of any modification or waiver of or change in any of the terms, covenants, conditions, or provisions of the Lease, or by reason of any extension of time that may be granted by the Landlord to the Tenant or by reason of a change for different use of the Demised Premises or by reason of any dealings or transactions or matters or things occurring between the Landlord and the Tenant, whether or not the Guarantor(s) have knowledge or notice thereof Guarantor(s) shall not assign this Guaranty without the prior written consent of Landlord.

The assignment by Landlord of this Lease and/or the rents and other receipts thereof made either with or without the Guarantor's knowledge or notice shall in no manner whatsoever release the Guarantor(s) from any liability as Guarantor(s). This Guaranty may be assigned by the Landlord.

All the Landlord's rights and remedies under the said Lease or under this Guaranty are intended to be distinct, separate and cumulative and no such right and remedy therein or herein mentioned is intended to be an exclusion or a waiver of any of the others.

This Guaranty shall be binding upon the Landlord and Tenant and their respective successors and assigns.

IN WITNESS WHEREOF, the undersigned have executed this Guaranty of Lease as of the day of , .
Expert:  FiveStarLaw replied 3 years ago.
Hello,


Thank you for your question.


You are correct that a corporation protects the shareholders from the debts of the corporation. However, by virtue of this guaranty, the landlord is asking that you agree to be held liable personally in the event the corporation does not pay the rent or does not perform under the terms of the lease agreement. If the landlord is requesting that more than one person sign this guaranty, the landlord may collect 100% of any debt incurred under the lease agreement against either guarantor.

Customer: replied 3 years ago.
You didnt answer the question. Is it legal to ask the owner of the business that is a corporation sign as a guarantor and is the wording ok?
Expert:  FiveStarLaw replied 3 years ago.
I am happy to clarify my answer.

It is legal for the landlord to request the owner of the business that is a corporation to sign as guarantor of the corporate lease

The wording appears sufficient to cause the guarantor to be liable under the terms of the lease.

Customer: replied 3 years ago.
Will you sign such a document?
Expert:  FiveStarLaw replied 3 years ago.

I would not sign a document without limitation of liability.



Thank you in advance for remembering to click accept. If you experience difficulty using the accept button, please let me know as JustAnswer pays me for my time only if the "accept" registers..

Please let me know if I can assist you in the future by requesting me directly.
Customer: replied 3 years ago.
I hope I don't sound clueless, but I am not understanding what you just said. Are you speaking in terms of a landlord or tenant and can you elaborate a little of what your saying?
Expert:  FiveStarLaw replied 3 years ago.
Hello,

The purpose of the document that you have presented is to make the owners of the corporate tenant liable if the corporation defaults at any time during the lease term. If were a shareholder of the corporation, I would not want to sign the document. If I were the landlord, I would want to shareholder of the corporation to sign.
FiveStarLaw, Attorney
Category: Business Law
Satisfied Customers: 36470
Experience: 25 years of experience helping people like you.
FiveStarLaw and 10 other Business Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you.
Expert:  FiveStarLaw replied 3 years ago.
Thank you.

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