Docstoc Legal Agreements
This Residential Lease Guaranty and Guarantor Application is used where a guarantor
guarantees the performance of the tenant under a residential lease agreement. It provides
that if the tenant fails to make any payments or otherwise breaches the lease, the guarantor
will make such payments to the landlord or cure the tenant's breach. This document
contains both standard clauses as well as opportunities for customization to ensure that the
understandings of the parties are properly set forth. A guarantor application is also
included for the landlord to obtain detailed information about potential guarantors. This
document should be used by a landlord and tenant located in Indiana when entering into a
lease with a guaranty provision.
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RESIDENTIAL LEASE GUARANTY
1. LEASE DESCRIPTION: In consideration for Landlord’s leasing the Property to Tenant,
the undersigned Guarantors guarantee the performance of all Tenants under the lease
(hereinafter the “Lease”) as described below:
Landlord(s): _________________________. [Instruction: Insert the name/s of landlord/s]
Tenant(s): __________________________. [Instruction: Insert the name/s of tenant/s]
Property:
___________________________________________________________________________
___________________________________________________________________________
[Instruction: Insert proper address and description of the property]
Commencement Date: ____ [Month] ____ [Date], 20____.
Expiration Date: ____ [Month] ____ [Date], 20____.
Monthly Rent: _______ ($___) [Instruction: Insert the monthly rent, e.g., fifty dollars
($50)].
2. 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:
a. cure the breach as the Lease may require of Tenant; or
b. compensate the Landlord for Landlord's loss resulting from the breach.
3. 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.
4. JOINT AND SEVERAL LIABILITIES: Guarantors are jointly and severally liable for all
provisions of this guaranty.
5. ATTORNEY’S FEES: Any person who is a prevailing party in any legal proceeding
brought under or related to this Lease is entitled to recover reasonable attorney's fees from
the non-prevailing party.
6. SEVERABILITY: If any term of this Residential Lease Guaranty is held by a court of
competent jurisdiction to be invalid or unenforceable, then this Residential Lease Guaranty,
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including all of the remaining terms, will remain in full force and effect as if such invalid or
unenforceable te