Introduction to Landlord and Tenant Law (19:I): Difference between revisions

Introduction to Landlord and Tenant Law (19:I) (view source)

2 bytes added , 3 July 2016

m

5,484

edits

@@ Line 114: / Line 114: @@
 === 4. Personal Liabilities ===
-If a personal guarantee is included in the lease agreement, the tenant will be  held personally responsible   for   monies   owed   when   their   company   is   insolvent.   However,   personal guarantees  do  not  necessarily  require  a  determination  of  insolvency  in  order  to  obligate  a tenant. Also,  there  are  issues  for  a  guarantor  and  a  covenantor  regarding  when  liability  accrues. Sometimes the guarantor is made a party to the lease (as one of the tenants), as well.
+If a personal guarantee is included in the lease agreement, the tenant will be  held personally responsible   for   monies   owed   when   their   company   is   insolvent.   However,   personal guarantees  do  not  necessarily  require  a  determination  of  insolvency  in  order  to  obligate  a tenant.
+Also,  there  are  issues  for  a  guarantor  and  a  covenantor  regarding  when  liability  accrues. Sometimes the guarantor is made a party to the lease (as one of the tenants), as well.