In consideration of the above-named Landlord entering into the Tenancy Agreement of the above-named Rented Premises with the above-named Tenant, the Guarantor hereby agrees with the Landlord that if default shall at any time be made by the Tenant in payment of monthly rent, the Guarantor will pay the said Monthly Rental and shall abide by all rules and regulations set forth in the Tenancy Agreement. The Guarantor shall compensate the Landlord for any damages that may arise in consequence of the Tenant’s default, including payment of legal fees on a solicitor and client basis. The liability of the Guarantor hereunder shall not be released, discharged, or limited by the extension of time or forbearance granted to the Tenant or by any variation in or departure from the terms of the Tenancy Agreement. The Landlord shall not be bound to exhaust its recourse or remedies against the Tenant before enforcing this Guarantee.
Nothing but payment in full of all monthly rent and other sums and the due performance of all agreements in the Tenancy Agreement until lawful termination of the Tenancy Agreement shall release the Guarantor from this Guarantee.
The Guarantor hereby acknowledges that if for any reason the Tenant cannot ensure payment via Interac e-Transfer (set up by the Tenant/Landlord) or a direct withdrawal form from a bank in order to pay the rent on a monthly basis, the Guarantor will do so.
The Guarantor shall continue to be liable and bound by this Guarantee during any renewals and extensions, statutory or otherwise, of the term of this Tenancy Agreement. This Guarantee shall be binding upon the heirs, executors, administrators, successors, and assigns of the Guarantor.
If during the Tenancy Agreement the Tenant is declared bankrupt or if the Tenancy Agreement is terminated other than by the Landlord, the Guarantor shall accept from the Landlord a Tenancy Agreement of the Rented Premises (hereafter called the "New Tenancy Agreement") for a term equal in duration to the remainder of the term of the Tenancy Agreement from the date of surrender, at the same monthly rental and with the same legal agreements as are reserved and contained in the Tenancy Agreement. If the Guarantor fails to execute and return such New Tenancy Agreement within seven days after such tender, the Guarantor shall become liable to pay the Landlord damages in an amount equal to the entire monthly rental and additional rent reserved by the New Tenancy Agreement.
The Guarantor acknowledges that the joint and several lease signed by the Tenant in question, along with the other tenants who have signed the lease, will be guaranteed in full by the Guarantor. This includes all rules, regulations, and financial obligations. Any and all violations of this agreement by any of the tenants will also be the responsibility of the Guarantor.