As you are likely aware, your son/daughter recently applied to live in one of our residences for this upcoming school year. It is a company policy of ours that all our student tenants have their leases co-signed by their parents/relatives even if they’re over 18 years old.
The reason for this policy is because students typically do not have a source of income during their full-time studies to cover their rent payments for their lease term, and even if they do, they typically do not have enough credit history to qualify them to sign a lease contract on their own. We thus require that all our student tenants have their parents co-sign their leases to mitigate credit risk.
In the vast majority of cases, parents never need to get involved throughout the school year since rent is paid on time. The only situation when parents will be contacted by us is if rent payments have been missed.
Thank you for your co-operation,
-Ottawa Student Housing Team
The liability of the Guarantor hereunder shall not be released, discharged or limited by any 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 and/or Authorized Representative shall not be bound to exhaust its recourse or remedies against the Tenant before pursuing and enforcing its rights against the Guarantor. The Guarantor shall be released from this Guarantee only upon payment in full of all Rent and/or any other sums due and owing and/or performance of any and all covenants under the Tenancy Agreement until the lawful termination of the Tenancy Agreement. If there is more than one Guarantor, their liability shall be joint and several, and this Guarantee shall be binding upon the heirs, executors, administrators, personal representatives, successors and assigns of the Guarantor.
I hereby agree to pay any and all past due monies owed to OTTAWA STUDENT HOUSING INC for whom I am guaranteeing payment as per the terms and conditions set out in this Guarantor Agreement and the Tenancy Agreement. I further understand that the full amount shall be recoverable immediately from me when past due, without first having to attempt to collect the overdue amount from the debtor. I hereby request to receive all notices relating to this tenancy, including legal court notices, by way of substituted service through my email addresses listed below.