Common use of JOINT AND SEVERAL TENANCY Clause in Contracts

JOINT AND SEVERAL TENANCY. Tenant acknowledges that this Agreement is between Landlord and each person executing this Agreement as Tenants jointly and severally. Their obligations are joint and several, and all terms of this Agreement shall be fully binding jointly and severally upon each Tenant. In the event of default by any one Tenant, each and every remaining Tenant shall continue to be responsible for payment of the rent and all other terms of this Agreement. In the event any one Tenant shall default and vacate Premises, that shall constitute a waiver of his/her claim or right to the security deposit and advance rent (if any), and said deposit and advance rent (if any) shall continue to be held for the benefit of remaining Tenant(s) and shall be disbursed in the name(s) of any remaining Tenant(s).

JOINT AND SEVERAL TENANCY. Tenant acknowledges that this Agreement is between Landlord and each person executing this Agreement as Tenants jointly and severally. Their obligations are joint and several, and all terms of this Agreement shall be fully binding jointly and severally upon each Tenant. In the event of default by any one Tenant, each and every remaining Tenant shall continue to be responsible for payment of the rent and all other terms of this Agreement. In the event any one Tenant shall default and vacate Premises, that shall constitute a waiver of his/her claim or right to the security deposit and advance rent (if any), and said deposit and advance rent (if any) shall continue to be held for the benefit of remaining Tenant(s) and shall be disbursed in the name(s) of any remaining Tenant(s).. Sample