Good Guy Guarantee Clause For Lease
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FAQ
Hear this out loud PauseExamples of 'make good' provisions include: If a tenant rents the premises as a shell, their 'make good' obligation could involve stripping all fixtures and fittings, removing staircases, and returning the premises to the landlord as a shell (sometimes also referred to as decommissioning obligations)
Hear this out loud PauseWhile a guarantor is often a family member or close friend, anyone can act as a guarantor on your behalf, assuming they meet the requirements. When selecting a lease guarantor, you want to look for someone with a strong employment history and who is financially responsible.
Hear this out loud PauseLease guarantee is a concept wherein the investor leases his commercial property to the developer for a fixed period. The developer itself or along with a third party guarantees a rental income every month. Usually, a lease term in commercial property lasts for nine years, including a three-year lock-in period.
Hear this out loud PauseFor example, if Company X stops paying rent June 1 and Company X leaves June 1, the good guy is completely off the hook. If Company X stops paying rent June 1 and Company X leaves July 1, the good guy owes the landlord rent for the month of June.
For example, the original tenant might have put holes in the wall to make a new passageway or undertaken other major work on the property. At the end of the lease, the new tenant must fix those issues and return the property to the condition that it was in at the start of the lease.