Sentences with phrase «personal guaranty»
A "personal guaranty" is a promise made by a person to take responsibility for someone else's debt or obligation. This means that if the person who owes the debt or obligation cannot or does not pay it, the person giving the personal guaranty will have to pay it instead. It is like a backup plan to ensure that the debt or obligation gets paid. Full definition
Recently, Orr & Brown obtained a jury verdict of over $ 500,000.00 on behalf of a local business client in a case involving complex legal issues, defeated a claim brought by a large materials supplier that a former corporate officer was personally liable for the debt of a defunct corporation based on a signed personal guaranty, and successfully negotiated a high - profile «business divorce» between 2 owners of a very lucrative and profitable North Georgia business.
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I figure weâ $ ™ d have to pay considerably more interest on a commercial loan, and would have to provide personal guaranties on a commercial loan anyhow.
When representing a tenant client, why is it better to negotiate personal guaranty — which makes the business owner personally liable for debts and obligations — out of a lease in place of a larger security deposit or extra limitations?
Landlords are demanding higher rent, indefinite personal guaranties, and unilateral relocation and termination provisions.
But, after going to those lengths, they sign personal guaranties that bind them for the life of the lease, which in some cases spans 10 or more years.
«Good - guy» clause: In exchange for a personal guaranty, a good - guy clause holds a tenant that defaults on a lease liable only for the rent owed before the renter vacates the property, rather than until the lease ends.
If you are not sure, call your credit card issuer and ask if there is a personal guaranty.
Yes, we do require that any equity owner with 20 % + stake in the business sign a personal guaranty.
Second, family and friends rarely require a personal guaranty, meaning that you don't have to expose your personal assets to secure the loan.
For all SBA loans, personal guaranties are required from every owner of 20 percent or more of the business, as well as from other individuals who hold key management positions.
You may also need to provide a larger security deposit and a personal guaranty of the lease.
It's important for prospective franchisees to fully understand the personal guaranty section in the franchise agreement.
A personal guaranty is a contractual promise from the owner of the business saying he or she is individually liable for the obligation if the business has trouble paying it back.
Represented individuals and business entities in defending and prosecuting claims regarding the enforcement and validity of personal guaranties.
In this Broker to Broker Q&A, Billoo discusses potential ramifications from certain provisions, from personal guaranty to relocation.
Quick closings, no prepayment penalty, no personal guaranty.
The cleanest way to do it, if you're interested in that sort of thing, is for the PML to have their own RE attorney draft the lender docs (Note, DOT, some want a personal guaranty as well) and then use a different RE attorney to close the transaction with.
PACE financing did not require any personal guaranty!