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    4. residential lease guaranty &
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    4. residential lease guaranty & guarantor application

    Residential Lease Guaranty

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    About this Form


    A residential lease guaranty is a legally binding agreement in which one person (the guarantor) agrees to be held financially responsible for the rental payments of another person (the tenant) if the tenant fails to make those payments. Similarly, if the tenant causes damage to the rental property, the landlord can seek compensation from the guarantor. Another reason a landlord might require a guarantor is if the tenant has a poor credit history or lacks sufficient income to qualify for the rental on their own. In such cases, the landlord may view the presence of a guarantor as a sign of financial stability and reliability and may be more likely to approve the tenant's application.

    Overall, requiring a tenant to have a guarantor can reduce the risk for the landlord and provide a greater level of security for the rental property. It may also enable a tenant to gain access to a desirable home that might otherwise be inaccessible.

    RESIDENTIAL LEASE GUARANTY 

    A.  Lease Description.  In consideration for Landlord's leasing the Property to Tenant, the undersigned Guarantors guarantee the performance of all Tenants under the lease described below.

    Landlord(s):    ______________________________________________________________________
    Tenant(s):       ______________________________________________________________________
    Property:        ______________________________________________________________________
    Commencement Date: ____________   Expiration Date: ____________   Monthly Rent: __________

    B.  Payments.  If any Tenant fails to make any payment under the lease, Guarantors will, upon demand, make such payment to Landlord or Landlord's agent. Payments under the lease include but are not limited to rent, late charges, returned check charges, attorney's fees, repair costs, pet charges, utility charges, reimbursements to Landlord, maintenance charges, charges for property damage, and other costs or charges specified in the lease. If Tenant otherwise breaches the lease, Guarantors will, upon demand: (1) cure the breach as the lease may require of Tenant; or (2) compensate Landlord for Landlord's loss resulting from the breach. 

    C. Duration and Notices.  This guaranty applies when the lease commences and continues until the lease ends, including any extension or renewal of the lease. Guarantors waive any rights to receive notice of any acceptance, modification, amendment, extension, renewal, or breach of the lease. 

    D.  Joint and Several Liability. Guarantors are jointly and severally liable for all provisions of this guaranty. 

    E.  Attorney's Fees. Any person who is a prevailing party in any legal proceeding brought under or related to this guaranty is entitled to recover attorney's fees from the non-prevailing party. 

    F.  Severability. If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable, then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable term had never been included. 

    G.  Application to Verify Creditworthiness.  Guarantors _____will  _____will not   submit (as Page 2 of this document) an application which authorizes Landlord or Landlord's agent to verify information related to Guarantors' creditworthiness. 

    H  Special Provisions.  _____________________________________________________________
    _________________________________________________________________________________
    _________________________________________________________________________________
    _________________________________________________________________________________
    _________________________________________________________________________________

     Guarantors may request a copy of the above-referenced lease at any time from the Tenant or the broker to the lease.


     _______________________________      _________
    Guarantor's Signature                             Date   

     _________________________________________
    Printed Name


    _______________________________      _________
    Guarantor's Signature                             Date   

     _________________________________________
    Printed Name

     

    APPLICATION FOR GUARANTOR OF RESIDENTIAL LEASE

    This application relates to the following described lease: 

    Landlord(s):    _______________________________________________________________________
    Tenant(s):       _______________________________________________________________________
    Property:        _______________________________________________________________________
    Commencement Date: ____________   Expiration Date: ____________   Monthly Rent: __________

    (1) Guarantor's name (first, middle, last): ______________________________________________
    Address:  __________________________________________________________________________
    E-mail:  ________________________________      Home Phone: _____________________________
    Work Phone:  ___________________________      Mobile/Pager: _____________________________
    Soc. Sec. No.: __________________      Driver License No.: __________________ in ________(state)
    Date of Birth: ______________ Height: ___________ Weight: ___________ Eye Color: ____________      
    Hair Color: ______________ Marital Status: ______________ Citizenship: _______________ (country)
    Employer:  _________________________________________________________________________
    Employer's Address:  ________________________________________________________________
    Supervisor's Name: _____________________ Phone:_________________ Fax:_________________
    Start Date: ___________ Gross Monthly Income: $______________  Position:__________________

    (2) Guarantor's name (first, middle, last): ______________________________________________
    Address:  __________________________________________________________________________
    E-mail:  ________________________________      Home Phone: _____________________________
    Work Phone:  ___________________________      Mobile/Pager: _____________________________
    Soc. Sec. No.: __________________      Driver License No.: __________________ in ________(state)
    Date of Birth: ______________ Height: ___________ Weight: ___________ Eye Color: ____________
    Hair Color: ______________ Marital Status: ______________ Citizenship: _______________ (country)
    Employer:  _________________________________________________________________________
    Employer's Address:  ________________________________________________________________
    Supervisor's Name: _____________________ Phone:_________________ Fax:_________________
    Start Date: ___________ Gross Monthly Income: $______________  Position:__________________

    Guarantors submit the following non-refundable fee(s) for processing and reviewing this application: $_______________ for (1) Guarantor and $_______________ for (2) Guarantor.

    Guarantors authorize Landlord and Landlord's agents to obtain a copy of Guarantors' consumer or credit reports and to verify relevant information related to each Guarantor's creditworthiness from banks, creditors, employers, existing and previous landlords, and other persons.
     

     _______________________________      _________
    Guarantor's Signature                                 Date   


    _______________________________      _________
    Guarantor's Signature                                 Date


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