The Guarantor is required to execute a guaranty form. Even though the Guarantor is listed in section 1.11, it does not mean the Lease has been guaranteed. The guaranty is only in effect when a separate guaranty form has been executed by the Guarantor.
A Default occurs under the Lease if the Guarantor fails to provide any of the following:
- Evidence of the execution of guaranty of its authority to do so
- A current financial statement
- An Estoppel certificate
- Confirmation that the guaranty is still in effect
It’s important for Lessee’s to stay in close contact with their Guarantor to ensure that both Parties are abiding by their obligations under the Lease.