Contract Guaranty Sample Clauses
A Contract Guaranty clause establishes that a third party, known as the guarantor, promises to fulfill the obligations of one party to the contract if that party fails to do so. Typically, this means the guarantor will pay debts or perform duties if the original party defaults, providing additional security to the party receiving the guarantee. This clause is commonly used in financial agreements or leases to reduce the risk of non-performance, ensuring that the contract's obligations are met even if the primary party cannot fulfill them.
Contract Guaranty. If Resident is unable to satisfy the self-qualification guidelines established by Landlord for the Facility, Resident must provide a guaranty (“Guaranty”) from an individual who satisfies the criteria established by Landlord for the Facility. Resident shall deliver to Landlord any required Guaranty by the earlier of (a) the date which is five (5) days after the Effective Date, or (b) the Start Date. If Resident is unable to provide the Guaranty, Landlord may, in its sole discretion, either (x) terminate this Contract at any time prior to the Start Date, or (y) waive the requirement to provide a Guaranty; provided, however, that any such waiver may be conditioned on Resident depositing additional security with Landlord (which may include, without limitation, the payment of an additional deposit and the execution of an amendment to this Contract). ANY GUARANTY REQUIRED UNDER THIS CONTRACT SHALL BE VALID FOR THE ENTIRE CONTRACT TERM AS WELL AS EXTENSIONS OR RENEWALS THEREOF WITHOUT GUARANTOR EXECUTING A REAFFIRMATION OF SUCH GUARANTY.
Contract Guaranty. Section 16 of the Contract is amended by deleting the last sentence thereof and replacing same with the following:
Contract Guaranty. FORM OF PARENT GUARANTY