Demand Promissory Note | Canada

Secure the obligations of a corporate tenant ⁄ lessee under a commercial lease in Canada with this Commercial Lease Indemnity Agreement.

• The indemnity is given by a principal of the tenant, such as a shareholder, partner, sole proprietor or some other person with a financial interest in the tenant.
• An indemnity of this type is typically required as an inducement to the lessor ⁄ landlord to sign the lease.
• If the tenant defaults in its obligations, the indemnifying party agrees to perform those obligations, including paying all rent and other amounts due under the lease.
• The indemnifying party also indemnifies and saves the landlord harmless against loss, costs or damages suffered by the landlord as a result of such failure.
• The indemnity is absolute, unconditional and irrevocable, and will not be affected by any extension of time, waiver or consent by the landlord, or by the expiration or termination of the lease.