In the current period of economic uncertainty the prospect of tenant default looms ever larger for landlords. Even if landlords have the added protection of a guarantor there may be limits to the scope of such protection as can be seen below:
Unless the guarantee is stated to apply to the contractual term and any statutory continuation the obligations cease on expiry of the contractual term. For contracted out leases, once the term expires so does the guarantee.
Unless the guarantor consents to or is a party, any variation to the lease will release the guarantor from future liability unless the terms of the guarantee provide the guarantor will be bound by variations.
If you seek to reach a compromise with your tenant you must however ensure that the wording of the guarantee allows it, otherwise you may be in the unfortunate position of having given the tenant more time (which does not bear fruit) and inadvertently releasing the guarantor from liability.
Disclaimer is not a consensual act between landlord and tenant, to the exclusion of the guarantor and so does not in itself release a guarantor from liability.