Welcome to The Woods at Millikin! Your student recently signed a lease for the 2023/24 school year. Your student selected you as a co-signer! We are delighted to have you join our community, The Woods is the ultimate home for Millikin students.
Guaranty of Lease
The Lessee is required to provide a third party guarantor to guaranty Lessee’s obligations under the Lease.
Now therefore in consideration of the Lessor entering into, executing and delivering the attached Lease, the Guarantor(s) agree as follows:
- Guarantor has examined, approved and understands the terms, conditions and covenants of the Lease, including each, and every, joint and several obligation of Lessee to satisfy full performance of all Lease terms, and hereby accepts Guarantor’s obligations to guarantee performance of the Lease terms, including all financial obligations.
- Guarantor hereby guarantees Lessee’s obligations under the Lease, including, without limitations, the obligations for payment of Rent, Additional Rent, damages, late fees, and any and all costs and expenses of collection (including attorneys’ fees) in the event of Lessee’s failure to satisfy the Lease terms.
- Except as otherwise set forth in this Guaranty of Lease, this guaranty is primary, absolute and unconditional and shall not be released, discharged, mitigated, impaired or affected by any modifications of the Lease or by a waiver of or failure by the Lessor to enforce any of the terms, covenants and conditions of the lease, or by any extension of time or indulgence extended by Lessor to the Lessee.
- Lessor may proceed directly against Guarantor as to any violation of the Lease, without being required to first proceed against Lessee, or any other lessee, under the Lease. Further, Lessor shall not be required to exhaust any other rights or remedies, and the Guarantor shall be considered to be a co-signer to the Lease. Notices given to Lessee shall be deemed to be legal notice to Guarantor. Guarantor shall have no possessory rights to the leased premises.
- Guarantor’s liability under this agreement shall not be deemed to be waived, released, discharged, mitigated, impaired or affected by reason of the filing or the discharge by the Lessee in any bankruptcy, reorganization or insolvency proceedings.
- This Guaranty of Lease, and the obligations of Guarantor under the Lease, may only be amended by a writing signed Lessor, Lessee and Guarantor.
- Lessor shall be entitled to all remedies available at law or in equity to enforce the terms of the Lease, and this Guaranty of Lease.
- Lessor may pursue its remedies under this Guaranty of Lease concurrently with or independently of any such action or proceeding against the Lessee under the lease.
- That this Guaranty of Lease shall be construed in accordance with the laws of the State of Illinois, notwithstanding any conflicts of law. Any action to interpret or enforce this Guaranty of Lease, shall occur in the County and State in which the leased property is located.
- Guarantor was given an opportunity to secure legal advice regarding this Guaranty of Lease, and the undersigned’s obligations under the Lease. Guarantor is over the age of 18, has not been adjudged incompetent. Guarantor is offering this Guaranty of Lease knowingly and voluntarily, and is at under no duress or coercion.
- The Parties agree that this Guaranty of Lease should be electronically signed, and said electronic signatures shall have the same force and effect as an original signature.
- This Guaranty of Lease shall inure to the benefit of Lessor, its officers, directors, employees, agents, personal representatives, successors and assigns, and shall be binding upon Guarantor(s), his/her heirs, executor, estate and/or trust administrator. Guarantor may not terminate or assign his/her obligations under this Guaranty of Lease.