California, Bay Area.
My friend has asked that I sign as guarantor on a business lease for a space adjacent to his current business. He is expanding a successful business. I am inclined to sign for him. He cannot sign as he has bad credit from 10 years ago that he has not resolved.
I want to set forth some conditions under which I will sign, including that he has a life insurance policy that will cover the rent and expenses for 3 months (to cover fees to the landlord for breaking the lease and allow time for the landlord to release the building). He also would be required to get his old debts resolved.
What other conditions should I set? Should I create a contract of some sort and have him sign with a notary? Other ideas??
Thanks in advance.
My friend has asked that I sign as guarantor on a business lease for a space adjacent to his current business. He is expanding a successful business. I am inclined to sign for him. He cannot sign as he has bad credit from 10 years ago that he has not resolved.
I want to set forth some conditions under which I will sign, including that he has a life insurance policy that will cover the rent and expenses for 3 months (to cover fees to the landlord for breaking the lease and allow time for the landlord to release the building). He also would be required to get his old debts resolved.
What other conditions should I set? Should I create a contract of some sort and have him sign with a notary? Other ideas??
Thanks in advance.