This office lease form is a detailed guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due as well as all listed obligations within this form.
The Good guy guarantee clause with a dependent clause is a crucial aspect of commercial lease agreements. This clause is designed to protect commercial tenants by providing them with an escape route from their lease obligations in certain circumstances. It is essential to understand the intricacies of this clause to safeguard tenants' interests and negotiate favorable lease terms. A Good guy guarantee clause with a dependent clause typically comes into play when a corporate tenant, who is personally liable for the lease, desires to terminate the lease early without facing financial repercussions. This provision is particularly important for businesses facing economic uncertainties or seeking flexibility in their lease commitments. There could be different variations of the Good guy guarantee clause with a dependent clause, and it is vital to differentiate between them to fully comprehend their implications. Here are a few types commonly encountered: 1. Traditional Good Guy Guarantee: This type of clause requires the tenant to give advance notice to the landlord, usually around three to six months, of their intention to terminate the lease early. The tenant must also ensure that all rent and other financial obligations are fully paid until the termination date. 2. Conditional Good Guy Guarantee: In this type, the tenant must give notice of termination and fulfill specific conditions mutually agreed upon by the tenant and the landlord. These conditions might include finding a replacement tenant or ensuring the premises are in good condition. 3. Partial Good Guy Guarantee: This variation allows a tenant to be released from their guarantee obligations only for a portion of the remaining lease term. The exact duration can be negotiated to provide flexibility while also offering some security to the landlord. The purpose of incorporating a dependent clause into the Good guy guarantee clause is to establish specific conditions that both the tenant and landlord must meet for the guarantee to become void. These conditions could involve giving adequate notice, meeting financial obligations, ensuring the premises are well-maintained, or finding a suitable replacement tenant. When negotiating a commercial lease, it is essential for tenants to carefully review the Good guy guarantee clause with a dependent clause, considering factors such as the length of the lease term, the financial stability of the tenant's business, and any future expansion or downsizing plans. It is also crucial for landlords to evaluate the tenant's financial status and industry stability when determining the inclusion and terms of such a clause. In conclusion, the Good guy guarantee clause with a dependent clause provides key rights and protections for commercial tenants. Understanding the different types and conditions associated with this clause empowers both tenants and landlords in lease negotiations. It allows for flexibility and balance between tenant needs and landlord expectations, ensuring a fair and transparent commercial lease agreement.
