Guarantee for Residential Lease

GUARANTEE FOR RESIDENTIAL LEASE

This Guarantee for Residential Lease ("Guarantee") is a personal continuing guarantee given by the undersigned guarantor ("Guarantor"), to the undersigned landlord ("Landlord").

RECITALS

A. WHEREAS ____________________ ("Tenant") is simultaneously entering into a residential rental agreement or lease with Landlord (the "Lease"); and

B. WHEREAS, Guarantor for his own interests wishes to induce Landlord to enter into the Lease; and

C. WHEREAS, Landlord has advised Guarantor that Landlord will not enter into the Lease unless, among other things, Guarantor unconditionally guarantees pursuant hereto the performance of all of Tenant's obligations arising out of or in connection with the Lease;

NOW, THEREFORE, in consideration of the foregoing, the parties hereto agree as follows:

W I T N E S S E T H:

1. The Guarantee. Guarantor acknowledges that he is aware of the terms and conditions of the Lease, and does hereby irrevocably and unconditionally guarantee, without offset or deduction, the due and punctual payment when due by Tenant of all moneys now or hereafter due Landlord pursuant to the Lease (collectively, "Payment Obligations") and the prompt and proper performance by Tenant of all of Tenant's obligations to Landlord pursuant to the Lease, other than those relating to the payment of money (collectively, "Non-Payment Obligations") (all such Payment Obligations and Non-Payment Obligations being hereinafter collectively referred to as the "Obligations"). Guarantor agrees that in the event that Tenant fails to pay any Payment Obligation or perform any Non-Payment Obligation for any reason whatsoever (including, without limitation, the liquidation, insolvency, bankruptcy, reorganization, arrangement or readjustment of, or other similar proceedings affecting the status, existence, assets or obligations of, Tenant, or the disaffirmance with respect to Tenant of the Lease), Guarantor will promptly pay or perform, as the case may be, such Obligations upon demand of Landlord. To the fullest extent permitted by law, the obligations of Guarantor hereunder shall not be affected by (a) any lack in the genuineness, validity, regularity or enforceability of any of the Tenant's obligations under the Lease; (b) any direction of application by Tenant or any other party; (c) any other continuing or other guarantee or undertaking or the taking or releasing by Landlord of any security or any further security in connection with the Lease; or (d) any payment on or in reduction of any other guarantee or undertaking.

2. Waiver of Defenses. Guarantor waives any right to require Landlord to (a) proceed against Tenant; (b) proceed against or exhaust any security held from Tenant; or (c) pursue any other remedy in Landlord's power whatsoever. Guarantor waives any defense based on or arising out of any defense of Tenant other than payment in full and performance of the Obligations, including without limitation any defense based on or arising out of the disability of Tenant, the unenforceability of the Obligations or any part thereof from any cause, or the cessation from any cause of the liability of Tenant other than payment in full and performance of the Obligations. Landlord may, at its election, foreclose on any security held by Landlord by one or more judicial sales, whether or not every aspect of any such sale is commercially reasonable, or exercise any other right or remedy Landlord may have against Tenant, or any security, without affecting or impairing in any way the liability of Guarantor under this Guarantee, except to the extent the Obligations have been paid or performed. Guarantor waives any defense arising out of such an election by Landlord, even if the election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of Guarantor against Tenant or any security. Guarantor waives all presentments, demands for performance, notices of protest, notices of dishonor and notices of acceptances of this Guarantee. Guarantor assumes all responsibility for keeping informed of Tenant's financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment or nonperformance of the Obligations and the nature, scope, and extent of the risks that Guarantor assumes and incurs under this Guarantee, and agree that Landlord shall have no duty to advise Guarantor of information known to it regarding those circumstances or risks.

3. Guarantee Absolute and Continuing. To the fullest extent permitted by law....