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.
The Mississippi Bare-bones Common Form of Good Guy Guaranty, commonly known as the Good Guy Guaranty, is a legal agreement commonly used in commercial real estate leasing transactions. It serves as a form of protection for landlords when leasing their property to tenants. A Good Guy Guaranty is considered to be a minimalist version of a personal guarantee, designed to protect the landlord's interests by limiting the guarantor's liability. This type of guarantee is often sought when dealing with start-up businesses or tenants with uncertain financial positions. In the context of commercial leasing, the Good Guy Guaranty is primarily used in Mississippi and provides a specific set of terms and conditions. The agreement typically contains the following essential elements: 1. Guarantor Identification: The Good Guy Guaranty identifies the guarantor, who is often an individual associated with the tenant, such as an owner or principal. Their role is to personally guarantee the tenant's obligations under the lease. 2. Limited Liability: Unlike a full personal guarantee, the Good Guy Guaranty limits the guarantor's liability to a specific period, often referred to as the "good guy period." During this period, the guarantor is only responsible for certain obligations, typically rent and basic operating expenses. 3. Notice and Surrender Commitment: The guarantor agrees to provide the landlord with a specified notice period, usually three to six months, indicating their intention to terminate the lease. Alongside the notice, the guarantor commits to surrendering the leased premises in good condition. 4. Early Termination and Consequences: If the tenant defaults on the lease by not providing the agreed-upon notice or surrendering the premises, the guarantor's liability will extend beyond the good guy period. This may result in the guarantor being responsible for additional expenses, such as rent for the remaining lease term. 5. Continued Tenant Liability: The Good Guy Guaranty does not release the tenant from their obligations under the lease. The tenant remains liable for any unpaid rent, damages, or other lease covenants not covered by the guarantor. It is important to note that there may not be different types of Mississippi Bare-bones Common Form of Good Guy Guaranty, as it is a standardized agreement commonly used in the state's commercial leasing industry. In conclusion, the Mississippi Bare-bones Common Form of Good Guy Guaranty is a legally binding agreement used in commercial leasing transactions. It serves as a limited guarantee for landlords, providing security in situations where tenants may have uncertain financial positions. By understanding the terms and conditions described within the Good Guy Guaranty, both landlords and guarantors can protect their interests while navigating commercial lease agreements.
