New Jersey Guaranty of Commercial Lease
If you lease space to business tenants in New Jersey, always have one of the company's owners or managers execute this Guaranty of Commercial Lease form to ensure that the lease costs will be paid if the tenant defaults.
- The Guaranty is absolute, unconditional and continuing.
- The document should be signed by a person or corporate entity that has a material interest in the tenant, such as a shareholder or partner.
- The guarantor agrees to pay the rent and perform all of the tenant's obligations under the lease, if the tenant defaults.
- The landlord has the right to bring suit against the guarantor whether or not it decides to take legal action against the tenant.
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Last Updated: 14-April-2016