This office lease form is loosely worded guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due under the Lease.
California Bare Bones Common Form of Good Guy Guaranty
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FAQ
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, typically found in rental agreements in New York City, is a provision that allows a tenant to be released from the liability of completing the agreed upon rental period, assuming the tenant vacates the rented space and leaves it in favorable condition.
Good Guy Guaranty example scenarios If the tenant breaks the lease before the lease term expires, or vacates without being up-to-date on their rent payments, the landlord will have no other choice than to take that tenant to court.
The good guy clause is a legal guarantee that maintains that if a tenant is unable to pay their rent, they will give their landlord notice, typically within three months, and vacate the space.
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.
A Good Guy Guaranty provision secures a commercial lease by ensuring that the landlord regains possession of the leased property on a specific date, with the leased property being surrendered to the landlord in the condition required under the lease.
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.
While a 'good guy' guarantee is a type of personal guarantee, it only goes into effect under certain conditions and has a specific purpose, that of ensuring a tenant that is in default vacates the premises.
