The individual or entity that executes a guaranty of lease, agreeing to be personally or corporately liable for the tenant's obligations if the tenant defaults.
A lease guarantor provides the landlord with credit support beyond the tenant entity itself. In small business or startup leases, the guarantor is typically the principal owner(s) of the tenant entity. In corporate leases, it may be a parent company or a subsidiary with stronger credit. The guarantor's financial strength is a key underwriting factor for the landlord. Lease abstracts should capture the guarantor's name, relationship to the tenant, the scope of the guaranty (full or limited), any burn-down provisions, and whether a good guy clause applies. Multiple guarantors may be jointly and severally liable.
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