This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
The Arizona Conditional Limitation of Tenant Liability Good Guy Provision is a legal clause designed to protect commercial tenants in Arizona from personal liability when breaking a lease early. This provision is also known as the "Good Guy Guarantee" or the "Good Guy Clause." Under this provision, if a tenant decides to terminate their lease before the agreed-upon expiration date, they can potentially avoid financial penalties or personal liability associated with the remaining lease term. However, it is essential to understand that the specifics of this provision can vary depending on the terms and conditions agreed upon between the landlord and tenant. In essence, the Arizona Conditional Limitation of Tenant Liability Good Guy Provision allows tenants to terminate the lease early by providing a specific notice period to the landlord, usually with at least a 90-day notice. By doing so, tenants are demonstrating their commitment to maintaining the property's occupancy and minimizing disruption to the landlord's business. This provision is particularly beneficial for tenants who anticipate potential business challenges or uncertainties, such as economic fluctuations, industry-specific changes, or relocation opportunities. It provides a level of flexibility, enabling tenants to adapt to changing circumstances without incurring significant financial burdens. It is crucial to note that the Good Guy Provision does not guarantee complete immunity from all financial obligations. Depending on the specific terms agreed upon, tenants may still be responsible for rent payments and any associated costs until a new tenant is found or until the original lease term expires. This aspect of the provision aims to ensure that landlords are not left with significant financial losses or an unoccupied property for an extended period. Landlords in Arizona may require additional conditions or qualifications for tenants to qualify for the Conditional Limitation of Tenant Liability Good Guy Provision. These conditions may include reasonable efforts by the tenant to find a replacement tenant, payment of marketing or advertising expenses, or providing financial guarantees in case of default. Tenants must carefully review the lease agreement to understand the specific requirements and responsibilities imposed by the Good Guy Provision. In summary, the Arizona Conditional Limitation of Tenant Liability Good Guy Provision offers commercial tenants the opportunity to terminate a lease early without facing excessive financial penalties or personal liability. By providing a specific notice period and meeting additional qualifications, tenants can maintain a positive business relationship with their landlord while adapting to changing circumstances or seizing new opportunities.
