PARENTAL OR SPONSOR GUARANTY Sample Clauses

PARENTAL OR SPONSOR GUARANTY. In consideration for, and as an inducement to us in making the foregoing Lease, and for other good and valuable consideration, the receipt and sufficiency of which you understand, Guarantor guarantees absolutely and unconditionally, jointly and severally, to us the full performance and observance of all the agreements and conditions and of any amended, revised or continued lease, to be performed and observed by you, including, but not limited to, the payment of Rent and other amounts payable by you to us, and expressly waives demand, notice of protest, and notice of any changes, renewals, modifications, or default by you. Guarantor waives each and every notice to which Guarantor might be entitled to under the Lease, or otherwise, including, without limitation, notice of any breach or default by you. This is a guaranty of payment and not of collection and Guarantor's liability is primary and not secondary. This Guaranty shall apply to the term granted by the Lease, any extension or renewal thereof and to any holdover term following the term granted by the Lease or any extension or renewal thereof. As used in this Guaranty, the term "You" shall also include (i) any party or parties named or defined as such in the Lease, (ii) any and all successors, assigns, and (iii) all other persons and entities claiming by, through or under you. When the term "Guarantor" includes more than one person, each such person shall be jointly and severally liable for all of the obligations of Guarantor under this Guaranty. Each such person waives any right to require us to enforce this Guaranty against any other person(s). The liability of each person under this Guaranty shall continue in full force and effect notwithstanding the death, incapacity, disability or bankruptcy of any other person(s) or the release or discharge (whether by agreement, operation of law, or otherwise) of any other person(s). Each person signing this Guaranty waives any rights that he/she might otherwise have under any law of Virginia or corresponding future statute or rule of law by reason of any release of fewer than all persons that signed this Guaranty. If we institute any legal proceedings against Guarantor to enforce this Guaranty and prevail in such action, Guarantor shall be liable for the costs and expenses of such action incurred by us, including our reasonable attorneys’ fees, in addition to any amounts awarded to us in such action. Guarantor consents to the jurisdiction of, and venue in, any l...
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PARENTAL OR SPONSOR GUARANTY. (Where applicable) It is understood that the property in which the Premises are a part will have numerous leases to college age students and minors, and that the Lessor will require as an express condition of this Lease that a binding parental or sponsor’s guaranty be executed. Lessee understands that the execution of this Lease by Lessor, or the acceptance of an application, is expressly contingent upon timely execution of such guaranty, and that the failure to provide or keep in force such a guaranty during the Term of this Lease will be considered by the Lessor as an Event of Default. Lessee understands that such guaranty must be obtained directly from the parent or sponsor and that Lessor reserves all rights, both civil and criminal, for any falsification or forgery of such guaranty, as the guaranty constitutes an essential inducement for the grant of this Lease by Lessor. Lessee acknowledges that this is a Lease for an essential necessity of Lessee and that Lessee agrees to be fully bound by all of the terms and conditions hereof irrespective of the age or condition of Lessee and the execution of a guaranty shall be an additional insurance to the Lessor of the performance of the Lease and not in substitution of Lessee’s responsibility.
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PARENTAL OR SPONSOR GUARANTY. If Tenant on this Lease is a full time student or otherwise fails to have sufficient income to qualify, Xxxxxx agrees to obtain a parental or sponsor guarantor (the "Guarantor"). Said Guarantor acts as additional security in the event there is any default under the Lease, including for damages exceeding normal wear and tear, or in the event Rent is not paid. Management requires, as a condition of the Lease, a binding Parental or Sponsor’s Guaranty (the "Guaranty") signed by the Guarantor, which constitutes an essential inducement for the grant of this Lease by Management. Management shall obtain a credit report on the Guarantor who must have a credit rating acceptable to Management. The failure of Tenant to obtain Guaranty after signing Xxxxx, does not relieve Tenant of all obligations, including, but not limited to payment obligations set forth in the Lease. Management reserves the right to cancel this Lease in the event such Guaranty is not fully executed, notarized, and returned to Management by the Starting Date of the Lease Term. If Management acts upon its right to cancel this Lease prior to Tenant taking possession because of Xxxxxx’s failure to obtain a properly qualified and executed Guaranty, Tenant will, at Management’s option, pay a fee equal to two (2) month's Rent as liquidated damages. Tenant understands that the Guaranty must be obtained directly from the parent or sponsor and Management reserves all rights, both civil and criminal, for any false execution or forgery of the Guaranty. Tenant acknowledges that the Lease is a legally binding contractual obligation of the Tenant, and that Tenant shall be fully bound by all of the terms and conditions hereof irrespective of Tenant’s age or legal status.
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PARENTAL OR SPONSOR GUARANTY. Apartment Community: Varsity at Xxx Arbor (the “Community”).
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PARENTAL OR SPONSOR GUARANTY. Apartment Community: The Retreat at Louisville (the “Community”).
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PARENTAL OR SPONSOR GUARANTY. Manager may require, in its sole discretion, a Personal Guaranty (the “Guaranty”), by a parent or guardian or otherwise, as an essential condition for Manager entering into the Lease, Manager reserves the right to cancel this Lease if such Guaranty is not fully executed and returned to the Manager within fifteen (15) days after the date of this Lease. If the Manager acts upon its right to cancel this Lease, Resident will forfeit the reservation deposit/security deposit. Resident understands that the Guaranty must be obtained directly from the guarantor.
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Related to PARENTAL OR SPONSOR GUARANTY

  • Parent Company Guarantee Upon execution of this CONTRACT, the CONTRACTOR shall deliver to the COMPANY a PARENT COMPANY GUARANTEE from the company named in Appendix 1 to Section I – Form of Agreement for proper performance of its obligations under this Contract. The CONTRACTOR shall maintain in force the PARENT COMPANY GUARANTEE for the duration of its liability under this CONTRACT.

  • Limited Guaranty of the Corporation The Corporation hereby guarantees performance of the Receiver's obligation to indemnify the Assuming Institution as set forth in this Article XII. It is a condition to the Corporation's obligation hereunder that the Assuming Institution shall comply in all respects with the applicable provisions of this Article XII. The Corporation shall be liable hereunder only for such amounts, if any, as the Receiver is obligated to pay under the terms of this Article XII but shall fail to pay. Except as otherwise provided above in this Section 12.7, nothing in this Article XII is intended or shall be construed to create any liability or obligation on the part of the Corporation, the United States of America or any department or agency thereof under or with respect to this Article XII, or any provision hereof, it being the intention of the parties hereto that the obligations undertaken by the Receiver under this Article XII are the sole and exclusive responsibility of the Receiver and no other Person or entity.

  • Guaranty Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as primary obligor and as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Secured Obligations (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law. Without limiting the generality of the foregoing, the Guaranteed Obligations shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under any Debtor Relief Laws. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of establishing the amount of the Secured Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the foregoing.

  • Subsidiary For purposes of this Agreement, the term “subsidiary” means any corporation or limited liability company of which more than 50% of the outstanding voting securities or equity interests are owned, directly or indirectly, by the Company and one or more of its subsidiaries, and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary.

  • Personal Guaranty If the tenant’s business is not credible then the landlord should consider having the tenant sign a Personal Guaranty which binds the owner of the Company to the lease. So if the tenant defaults the individual’s assets would be liable, not just the business. Step 9 – Determine the Security Deposit Once the tenant has been approved by the landlord the Security Deposit should be made known to the tenant. In residential real estate, there are State Laws that limit how much a landlord may ask from the tenant. In commercial real estate, there are no limits to how much the landlord would like to charge the tenant. The landlord will commonly ask between 2-3 months rent in case the tenant stops paying the monthly rent or to safeguard against any damage that the tenant may cause during their time on the property. Step 10 – Write the Commercial Lease Agreement Use an attorney or draft the lease yourself. Make sure to gather all the information about the property and the tenant and enter into the agreement. Once completed, the document should be signed with the tenant and landlord in the presence of a notary public. This way the signatures are proven and the agreement is much more likely to hold up in court if its legality is ever questioned. Step 11 – Taking Occupancy After the security deposit has cleared and the lease has been signed the tenant should take occupancy. This means that the tenant can begin using the space as directed for use in the lease. Both parties will be held accountable for their specified duties until the end of the lease term. Estoppel Certificate – May be requested by the landlord after lease signing to certify a lease exists between the tenant and landlord. Required Clauses American’s with Disability Act (42 U.S. Code § 12183) – Also known as the ‘ADA’, requires that any commercial tenants which offer “public accommodation” (such as a restaurant, retail store, etc.) or have at least fifteen (15) employees adhere to all handicap access rules. This rule is only grandfathered to properties that have not been built or had renovations since 1992. Per 42 U.S. Code § 12183 if the Lessee is using the Premises as a public accommodation (e.g. restaurants, shopping centers, office buildings) or there are more than 15 employees the Premises must provide accommodations and access to persons with disabilities that is equal or similar to that available to the general public. Owners, operators, lessors, and lessees of commercial properties are all responsible for ADA compliance. If the Premises is not in compliance with the Americans with Disability Act any modifications or construction will be the responsibility of the Lessor. Hazard Waste (42 U.S. Code § 6901) – Forces the tenant to sign in writing that they will adhere to any federal, State, or local laws in regards to the disposal of hazardous wastes. “Shall mean any and all federal, state, or local laws, ordinances, rules, decrees, orders, regulations, or court decisions relating to hazardous substances, hazardous materials, hazardous waste, toxic substances, environmental conditions on, under, or about the Premises, the Building, or the Property, or soil and ground water conditions, including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA), the Resource Conservation and Recovery Act (RCRA), the Hazardous Materials Transportation Act, any other law or legal requirement concerning hazardous or toxic substances, and any amendments to the foregoing.” Other Lease Terms In addition, there may be other areas of the lease, outside of the monthly rent, that the parties may want to negotiate such as: Option to Renew – Use if the tenant would like to have the option to stay in the property for a longer time then they may request an ‘Option to Renew’ the lease. This gives them the right to extend the lease for a specified rental price if they want. Option to Purchase – Use if the tenant would like the option to purchase the property for a specified price during the course of their lease. First (1st)

  • Authorization Holds You do not have the right to stop payment on any purchase transaction originated by use of your Mobile Wallet, other than transactions withing the Mobile Wallet Marketplace that display a cancel transaction button. When you use your Mobile Wallet to pay for goods or services, certain merchants may ask us to authorize the transaction in advance and the merchant may estimate its final value. When you use your Mobile Wallet to obtain cash at an ATM or from a bank teller, we will authorize the transaction in advance (including all applicable fees). When we authorize a purchase transaction, we commit to make the requested funds available when the transaction finally settles, and the Bank will place a temporary hold on your Mobile Wallet’s funds for the amount indicated by the merchant. If you authorize a transaction and then fail to make a purchase of that item as planned, the approval may result in a hold for that amount of funds. Car rentals, hotels and other service-oriented merchants may choose to factor in additional amounts upon check-in, and it may take up to sixty (60) days after your stay or your rental to have any excess amounts held by the hotel or rental company added back to your available balance. Similarly, some gas stations may factor in additional amounts to cover potential filling of the tank; if you want to avoid such a hold, you may want to pay inside the gas station, instead of paying at the pump. Until the transaction finally settles, the funds subject to the hold will not be available to you for other purposes. We will only charge your Mobile Wallet for the correct amount of the final transaction, and we will release any excess amount when the transaction finally settles. When you use your Mobile Wallet at certain restaurants and service-oriented merchants, there may be an additional 20% (or more) added to the authorization to cover any tip you may leave on the purchase. If this occurs, and your total bill, after adding in the additional 20% (or more), exceeds the amount available on your Mobile Wallet, your transactions may be declined. Accordingly, you should ensure that your Mobile Wallet has an available balance that is 20% (or more) greater than your total bill before using your Mobile Wallet.

  • Subsidiary Agreement 1. To facilitate the carrying out of the Project, the Recipient shall make the proceeds of the Financing available to the Project Implementing Entity under a subsidiary agreement between the Recipient and the Project Implementing Entity, under terms and conditions approved by the Association (“Subsidiary Agreement”).

  • Subsidiary Agreements 1. To facilitate the carrying out and financing of Part 2 of the Project, the Recipient shall make part of the proceeds of the Financing available to the Project Implementing Entity under a subsidiary agreement between the Recipient and the Project Implementing Entity (“RS Subsidiary Agreement”), under the same terms and conditions as the Financing, approved by the Association and including the Anti-Corruption Guidelines.

  • Guarantor In the event that there is a guarantor of this Lease, said guarantor shall have the same obligations as Lessee under this Lease.

  • No Joint Venture or Partnership Borrower and Lender intend that the relationship created hereunder be solely that of borrower and lender. Nothing herein is intended to create a joint venture, partnership, tenancy-in-common, or joint tenancy relationship between Borrower and Lender nor to grant Lender any interest in the Collateral other than that of secured party, mortgagee or lender.

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