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A guarantor lease amendment is a legal document that is added to a current lease to make a non-tenant party liable for the tenant’s responsibilities. A guarantor is making a “guarantee,” and agrees to co-sign for the same terms and conditions as the tenant.
A common example is when the tenant fails to pay rent, the guarantor becomes obligated to pay the landlord.
Commonly Used When
The tenant is not approved by the landlord to sign a lease on their own. A third party, the “guarantor,” agrees to be obligated to any of the lease terms if the tenant defaults.
Sample
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GUARANTOR LEASE AMENDMENT
1. THE PARTIES. This Guarantor Lease Amendment (“Guaranty”) made this [DATE], is by and between:
Landlord: [LANDLORD’S NAME] (“Landlord”).
Tenant: [TENANT’S NAME] (“Tenant”).
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. The Guarantor agrees to co-sign a lease between the Landlord and Tenant with a date of [LEASE DATE], for the property located at [RENTAL PROPERTY ADDRESS] (“Lease Agreement”).
3. ACCEPTANCE. The Guarantor accepts all responsibilities, obligations, and liabilities mentioned in the Lease Agreement 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 Agreement.
a.) 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 Guaranty as of the date first written above.
Guarantor’s Signature: ___________________ Date: ___________
Print Name: ___________________