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Make use of the free Alaska commercial lease agreement template for the creation of a real estate contract between a property owner and a lessee for the use of the property for business purposes. The rental agreement states the period of the lease, the rent amount, the security deposit, etc. When both parties are agreeable to the terms of the agreement, they both append their signatures. Once signed, the contract becomes legally binding.
When a property owner receives the completed rental application from the lessee, the landlord performs financial and background checks on the applicant. A lessor may have to make use of third-party resources for checks on the financial status of the business or individual and also inquire from banks or credit card companies to verify the balance of the lessee’s bank accounts.
If the lessee’s business is newly established, a personal/private guarantor may be required by the lessor. This leaves the business owner responsible for its performance.
Personal Guarantee (guaranty) – This is a situation in which the lessee personally guarantees the lease in case the business fails. It generally happens when dealing with a new business with little or no credit history.
A personal property guarantee requires that a third party stands in for the tenant as well. If the tenant is unable to meet up with the obligations as stipulated in the lease, the guarantor (third-party) will need to step in and continue to pay or take care of other responsibilities. In the end, both the tenant and the guarantor are liable.
For example, if a tenant refuses to pay rent and vacates, the guarantors will be responsible to cover the rent for the rest of the term.