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Guaranty is the assumption of responsibility for payment of a debt or performance of some obligation if the liable party fails to perform to expectations. Guaranty also is agreement promising that if the tenant falls into default the rent will be paid to the landlord and all other obligations in accordance with the lease will be performed by the guarantor named.

Guarantor is a person who agrees to be responsible for the debt or obligation of another. Guarantor is person, or company, that gives guaranty.