Good Guy Clause In Lease
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How to fill out Detailed Form Of Good Guy Guaranty?
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FAQ
The term 'make good' refers to a tenant's obligation to restore a leased property to its original condition when the lease ends. This can include repairing damages or removing alterations made during the tenancy. When considering a good guy clause in lease agreements, it's essential to understand these responsibilities, as they can significantly impact both parties.
For 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.
This clause states that if a company defaults for any reason the individual that signed the Good Guy Clause is responsible for the rent in between the default date, and the property surrender date when the property is vacated.
Examples 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)
A good guy clause basically states that if a company defaults (for bankruptcy or any other reason), the individual that signed the good guy clause is responsible for the rent in between the default date and the surrender date (when the space is vacated).
A Good Guy Clause, (?GGC?) is a lease provision typically found in commercial leases that allows a landlord to release a tenant from liability in the event the tenant does not complete the lease period.