Does the joint and severly section which states that we the lesee's jointly and severly are bound by the obligations of the lease which is 3 years. We are signing under the LLC but is also has our 3 names separate with our social security numbers. Does this mean that we are personally liable for the remainder of the lease if we default on the contract.
Yes, each one of you is liable. Any one of you can be sued for the entire amount if the LLC defaults. That person can then sue the other two for contibution pro rata.
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(Bryant) Keith Martin