This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
The Hawaii Conditional Limitation of Tenant Liability Good Guy Provision is a legal mechanism designed to protect tenants in commercial leases from excessive financial liabilities in the event of early termination of their lease agreements. This provision establishes a conditional limitation on the tenant's liability, often known as the "Good Guy" guarantee. Under this provision, if a tenant decides to terminate the lease early, they are required to provide prior written notice to the landlord, thus allowing the landlord sufficient time to secure a new tenant. The notice period may vary depending on the specific terms agreed upon in the lease agreement. However, the tenant's liability is only limited if the landlord is successful in re-renting the space within a reasonable amount of time. If the landlord is able to secure a new tenant and mitigate their potential losses, the tenant's liability will be limited up to the date of the new lease commencement. This means that the tenant would not be responsible for any rental payments beyond that point. It is important to note that the Hawaii Conditional Limitation of Tenant Liability Good Guy Provision may include variations or modifications based on specific lease terms. These variations may include different notice periods required by the tenant before early lease termination and the specific duration for which tenant liability is limited post-termination. This provision typically benefits tenants by providing an opportunity to terminate their lease early if necessary, without incurring significant financial burdens. It also incentivizes landlords to proactively seek new tenants to minimize potential losses, as they are aware that the tenant's liability will be limited if they are successful in finding a replacement. In summary, Hawaii's Conditional Limitation of Tenant Liability Good Guy Provision is a legal safeguard that protects commercial tenants from excessive financial liabilities when terminating their lease agreements early. It encourages cooperation between landlords and tenants by establishing guidelines for early termination and limiting the tenant's liability, subject to specific conditions outlined in the lease agreement.
