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Commonly Asked Questions about Property Lease Guaranty

A lease guaranty is a contract between an individual or entity (guarantor) that is typically related to the tenant. The guarantor promises to pay the landlord any and all payments due under the lease in the event the tenant defaults under its lease obligations and otherwise cure the tenants defaults.
Last summer, we wrote about New York City Administrative Code Section 22-1005, known as the Guaranty Law. This was a pandemic-era prohibition on enforcement of personal guaranties supporting commercial leases for defaults that occurred between March 7, 2020, and June 30, 2021.
A corporate guarantee is a pledge by a parent company or an affiliate company of the tenant to be liable for the lease obligations in case of default. This means that the landlord can seek recourse from the guarantor companys assets and income to satisfy the lease debt.
A guarantor can be on a rental or lease agreement and on a loan. A guarantor agrees to make the rent payment or loan payment in the event that the renter or borrower cannot do so.
The standard NYC guarantor income requirement is that their salary is at least 80 - 100 times the rent. For example, if the rent is $2,000, most landlords will require the guarantors income to be at least $160,000 to $200,000.
A contract of guarantee is a contract to perform the promise, or discharge the liability, of a third person in case of his default.
Often, a commercial lease will require a personal guaranty to protect them if you are unable to fulfill your obligations under the lease. Before you sign a commercial lease, heres what you should know about the personal guaranty and how it could impact your personal finances.