The full security deposit should be deposited into a trust account that is registered with the Oklahoma Real Estate Commission and audited monthly. This account should not have co-mingling of funds and be used solely for security deposits or earnest money.
A Personal Guaranty states that if the business becomes unable to repay the debt (rents), the individuals who own the business (“Personal Guarantors”) assume personal liability for the balance due through the end of the lease term. A Personal Guaranty provides an extra level of protection to credit issuers (Landlords) who want to make sure they will be repaid. This is a common practice with commercial leasing.
This document describes the condition of the rental upon moving in. After signing, you are provided a copy and are permitted to make additional comments for 7-days following.