This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
Indiana Conditional Limitation of Tenant Liability Good Guy Provision
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US-OL14035
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FAQ
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.
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. Additionally, as part of the clause, the tenant will pay all their owed fees up until the day they leave.
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.
A good guy clause is a limited personal guarantee. The distinction between a good guy clause and a traditional/full personal guarantee is that in a good guy clause an individual's personal liability ends when the space is vacated.
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.
Good guy guarantees in lease agreements are personal guarantees that are limited. That is if you personally guarantee the lease for your business location then your guarantee will be typically limited to past due rent or a set amount but not for the rent due throughout the entire term of your business 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.
