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.
Maryland Bare Bones Common Form of Good Guy Guaranty
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FAQ
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, 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, (?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.
Well, if you vacate a space before your lease is up with a personal guarantee, you will still owe rent for the duration of your original lease. On the other hand, with a good guy guarantee, your payments end once you depart.
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).
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.
The good guy guarantee goes like this: In the event that the tenant must terminate early, the tenant must give adequate prior notice. The lease can specify how long in advance that notice is, and the parties can negotiate that time period.
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.
