Lease Assumption Question

[salvatore1]

What is the name of your state?OH

Selling my business and the new owner is assuming the lease.

I need to have him sign a personal gaurantee for the remainder of the lease.

My question : Is this adequate security for me and if he defaults on the lease, will his personal gaurantee allow me to recoup possible damages from the landlord from him?

Thanks in advance

 

[divgradcurl]

What is the name of your state?OH

Selling my business and the new owner is assuming the lease.

I need to have him sign a personal gaurantee for the remainder of the lease.

My question : Is this adequate security for me and if he defaults on the lease, will his personal gaurantee allow me to recoup possible damages from the landlord from him?

Thanks in advance

Is it adequate? Who knows -- if he defaults, does he have personal assets sufficient to cover the costs you'll have to pay? If not, then the personal guarantee doesn't mean that much.