Landlord: [LANDLORD’S NAME] (“Landlord”),
Tenant: [TENANT’S NAME] (“Tenant”), and
Guarantor: [GUARANTOR’S NAME], with a mailing address of [ADDRESS] (“Guarantor”).
The Landlord, Tenant, and Guarantor are each referred to herein as a “Party” and, collectively, as the “Parties.”
2. LEASE AGREEMENT. This Addendum shall be incorporated into and made part of the lease agreement between the Landlord and Tenant with a date of [LEASE DATE], for the property located at [RENTAL PROPERTY ADDRESS] (“Lease”).
3. CONSIDERATION. As a condition to entering into the Lease, the Landlord has required that a Guarantor execute and deliver to the Landlord this Addendum.
NOW THEREFORE, in consideration of the Landlord entering into the Lease of the premises to the Tenant, Guarantor covenants and agrees as follows:
a) The Guarantor accepts all responsibilities, obligations, and liabilities mentioned in the Lease in addition to and on behalf of the Tenant. This shall include any liability including, but not limited to, rent, property damage, or any other legal or financial obligation to fulfill the terms of the Lease.
4. COLLECTION. The Landlord agrees to first attempt collection from the Tenant for any financial matter or judgment, and only after seeking all financial and legal remedies available, to attempt collection from the Guarantor.
IN WITNESS WHEREOF, the Guarantor has executed this Addendum as of the date first written above.
Guarantor’s Signature: ___________________
Print Name: ___________________
Role and Responsibilities of a Guarantor
A guarantor will step in and fulfill the lease obligations if the tenant fails to do so. By acting as security, the guarantor reduces the landlord’s risk and improves the probability of the lease terms being met. Once added to a lease, the guarantor will be responsible for the following if the tenant defaults:
- Paying Rent – Guarantors must ensure that rent is paid in its entirety and on time if the tenant neglects this responsibility.
- Damages – If the tenant damages the rental unit and doesn’t fix the issue, the guarantor will be liable for covering the expenses.
- Legal Disputes – If the landlord files a lawsuit against the tenant due to lease violations, and the tenant is unable to cover the related costs or penalties, the guarantor may be pursued for payment.