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Personal Guarantee Lease Template

Image 1

Prepared for:

​[Tenant.FirstName][Tenant.LastName]

​Created by:

​[Landlord.FirstName][Landlord.LastName]

I. PARTIES

This Personal Guarantee Lease (herein, the "Lease") is made and entered into by and between:

​[Landlord.Company] (herein, the "Landlord"), with a mailing address of [Landlord.StreetAddress][Landlord.City][Landlord.State][Landlord.PostalCode], and [Tenant.Company] (herein, the "Tenant"), with a mailing address of [Tenant.StreetAddress][Tenant.City][Tenant.State][Tenant.PostalCode], each a party, collectively referred to herein as the "Parties," on [Document.CreatedDate].

II. PREMISES

The Landlord leases to the Tenant the property (Herein, the “Premises”) located at (insert property address). The Premises consist of approximately (insert square footage) of rentable (insert type of space, e.g., office, residential, commercial, etc.) space and includes the following amenities: (list amenities). The Tenant shall have the right to use and occupy the Property during the term of this Agreement.

The Landlord and Tenant agree that the Premises are in good condition and fit for the use intended by the parties. The Landlord warrants no known damage to the building, which may cause any alterations or repairs necessary to correct such damage to be charged to the Tenant.

III. TERMS

This agreement will be a term of (insert number) months, starting on (date) and ending on (date) (herein, the "Lease Term").

The Tenant shall have the option to renew this Agreement for an additional (number) years upon written notice to the Landlord at least (number) months before the end of the initial term, provided the Tenant is in full compliance with all terms and conditions of this Agreement at the time of renewal.

IV. RENT PAYMENT

The Tenant shall pay the Landlord the sum of (insert amount) as rent for the Property, payable in monthly installments of (insert amount) on the (day) of each month. If rent is not paid within (number) days of the due date, a late fee of (amount) will be assessed.

The rent shall be paid in the following manner: (insert mode of payment, e.g., online bank transfer, cash, check, etc.)

V. SECURITY DEPOSIT

The Tenant shall deposit with the Landlord the sum of (insert amount) as a security deposit to be held by the Landlord as collateral for the Tenant's performance of its obligations under this Agreement.

The security deposit shall be returned to the Tenant within (number) days of the end of the tenancy, provided the Tenant has fulfilled all of its obligations under this Agreement and has returned the Property to the Landlord in the same condition as when the tenancy began, reasonable wear and tear excepted.

VI. USE OF PROPERTY

The Tenant shall use the Property for residential purposes only and shall not use the Property for any illegal or unlawful activity. The Tenant shall not make any alterations or improvements to the Property without the prior written consent of the Landlord. The Tenant shall maintain the Property in a clean and orderly condition and shall not cause or permit any waste or damage to the Property.

VII. UTILITIES AND OTHER EXPENSES

The Tenant shall be responsible for paying all utilities and services for the Property, including but not limited to electricity, gas, water, and trash removal.

VIII. MAINTENANCE AND REPAIRS

The Landlord shall be responsible for making all necessary repairs and maintenance to the Property, except for damages caused by the Tenant or the Tenant's guests. The Tenant shall notify the Landlord promptly of any needed repairs or maintenance.

IX. PERSONAL GUARANTEE

The Tenant hereby personally guarantees the full and prompt payment of all rent and other charges due under this Lease. If the Tenant fails to pay any rent or other charges due under this Lease, the Tenant agrees to pay all collection costs, including reasonable attorneys' fees, incurred by the Landlord in enforcing this Lease.

X. DEFAULT

If the Tenant defaults in the performance of any of the terms, covenants, or conditions of this Lease, the Landlord may immediately terminate this Lease and re-enter and retake possession of the Property.

XI. GOVERNING LAW

This Lease shall be governed by and construed in accordance with the laws of the State of (state).

IN WITNESS WHEREOF, the parties have indicated their agreement to be bound by the terms and conditions of this Lease by affixing their signatures below on the dates indicated.

​

Signature
MM / DD / YYYY

​

Signature
MM / DD / YYYY

​[Landlord.FirstName][Landlord.LastName]​

​[Landlord.Company]​

​[Tenant.FirstName][Tenant.LastName]​

​[Tenant.Company]​

Personal Guarantee Lease Template

Used 4,872 times

Use this Personal Guarantee Lease Template to develop a personal guarantee lease to be exploited by both landlords and renters. This document is typically used when the landlord is worried about the tenant’s creditworthiness or financial strength.

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FAQ

  • To write a personal guarantee lease, you will need to state the names and contact information of the landlord and tenant, and the address of the property being leased. Describe the term of the lease, the amount of rent to be paid and the frequency of payment. Mention any security deposit required and the terms for its return. Finally, think carefully about the terms of use for the property and each party’s responsibilities and describe them in the document.

  • To get out of a personal guarantee on a commercial lease, you may need to negotiate with the landlord or seek the help of an attorney. Options may include transferring the lease to another party, negotiating with the landlord to remove or modify the personal guarantee, or seeking legal assistance.

  • A personal guarantee on a lease is a promise made by an individual to be personally responsible for the terms and conditions of a lease agreement. If the tenant fails to fulfill their obligations under the lease, such as paying rent on time or maintaining the property in good condition, the landlord may seek to hold the individual who provided the personal guarantee financially responsible.

  • Landlords often require a personal guarantee, particularly from small businesses or those with a limited credit history or a poor credit score, in order to reduce risk, ensure financial stability, and protect the property.

  • If you sign a personal guarantee lease, you agree to personally assume responsibility for the payment of rent and any other obligations under the lease. This means that if you fail to pay the rent or otherwise breach the lease terms, the landlord can hold you personally responsible for the damages or losses suffered as a result. 

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