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  1. Join Date
    Jan 2006
    Posts
    1

    Surety bond for a lease?

    I am entirely new to the concept of surety bonding.

    We are looking for a product to protect us in the event of a default on a lease. We own a property that we would like to lease to a small business who will use the property for production of agricultural products. Both they and we would like a four-year lease. If they default on the lease at any time during this four years, we will be in trouble, as we will then have to scramble to find a new tenant so that we can continue to make our mortgage payments! Thus, we would like to guarante that they will fulfil the four-year obligation.

    Ia a surety bond a possible protection for us? If it is not the best vehicle, what would be another possibility? Any information would be much appreciated.

  2. Join Date
    Jan 2005
    Posts
    755

    crisw,

    This is a common question, but unfortunately bonds to financially guarantee leases are a thing of the past. I am not sure what a good alternative would be. I suggest asking your attorney.

    Sorry I couldn't be more of a help.

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