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Two months ago, the speaker was approached by a man interested in leasing their hotel. The speaker agreed, planning to continue with timeshare activities. The man established a new LLC for the lease agreement. The speaker requested personal guarantees from both the man and his fiancée, who would be the vice president. The man hesitated at first, but the speaker emphasized the need for guarantees since the newly formed entity lacked capital. The speaker wanted assurance due to the risk involved in leasing the property without adequate backing from the lessee's personal assets.
