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  • Conditional Limitation of Tenant Liability Good Guy Provision

North Carolina Conditional Limitation of Tenant Liability Good Guy Provision

Category:
Landlord Tenant - Commercial Leases
State:
Multi-State
Control #:
US-OL14035
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Description

This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.


The North Carolina Conditional Limitation of Tenant Liability Good Guy Provision is a legal provision that offers protection for commercial tenants who are in good standing with their lease agreements. This provision aims to provide tenants with favorable circumstances in case they need to terminate their lease early due to unforeseen business challenges or financial difficulties. Under this provision, tenants who qualify as "good guys" can enjoy certain protections and limitations on their liability. To be eligible for this provision, tenants must meet specific criteria, which can vary depending on the type of North Carolina Conditional Limitation of Tenant Liability Good Guy Provision being offered. One type of provision in North Carolina is the Limited Good Guy Provision. This provision states that tenants who are deemed "good guys" can terminate their lease early without being held financially responsible for the remainder of the lease term. However, tenants may still be liable for any unpaid rent or damages incurred up until the termination date. Another type is the Full Good Guy Provision. This provision offers even greater protection for tenants. In addition to the benefits provided by the Limited Good Guy Provision, tenants qualifying as "good guys" under this provision are completely released from any financial liability, including unpaid rent and damages, upon early lease termination. The North Carolina Conditional Limitation of Tenant Liability Good Guy Provision serves as a safeguard for tenants facing unforeseen challenges or economic downturns. It provides tenants with a measure of flexibility and financial protection if circumstances require them to end their lease early. By offering different variations of this provision, North Carolina aims to protect both commercial tenants and landlords, promoting fair and equitable leasing practices within the state.

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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 limitation of liability clause limits the amount and/or types of damages that may be attributable to a particular party under the contract for that party's future breach or misconduct while performing under the contract.

Guests do not have these rights, and guests who refuse to leave the property may be removed either by the police or through a trespass warrant issued by a magistrate.

Tenant's legal liability coverage is insurance for loss or damage of a property resulting from an action of a person renting space at that property. This insurance, when purchased by the tenant, pays for the cost of the loss or damage caused by the tenant.

The North Carolina Office of Administrative Hearings and the Fair Housing Act prohibit landlords from discriminating against potential tenants because of their race, religion, familial status, sex, gender, etc.

A limitation of liability clause in a contract limits the amount of money or damages that one party can recover from another party for breaches or performance failures. In other words, the clause can put a cap on the number of damages the organization will have to pay under certain circumstances.

You may have limits on your liability such as "Company will not be liable for more than $200 in the event of a breach," or "Company will not be liable for more than three times the yearly subscription fee."

A limitation of liability clause is a contractual provision that restricts the type and amount of liability that one party (the offending party) assumes when it directly or indirectly causes another party (the injured party) to experience losses in connection with their contractual relationship.

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How to fill out Wake North Carolina Conditional Limitation Of Tenant Liability Good Guy Provision? Preparing legal paperwork can be cumbersome. In addition ... This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated. Related forms.Chapter 42. Landlord and Tenant. Article 1. General Provisions. § 42-1. Lessor and lessee not partners. No lessor of property, merely by reason that he is ... A landlord, who believes that a tenant has violated a conditional eviction order, may file a motion in the cause in the original eviction case. That motion ... Applies to evictions filed substantially in response to tenant's good-faith ... policy of limiting family size of maximum of two person in small two-bedroom ... 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 ... Where written lease establishes a monthly rent that includes water and sewer services under G.S. 62-110(g), the terms “rent” and “rental payment” mean base rent ... There are no usury or other type of interest rate limitations, liens are easily perfected and readily enforceable, and the only real disadvantage is that jury ... d. The limitation prescribed by this subdivision shall not be asserted as a defense by any person in actual possession or control, as owner, tenant. Tip: It is a good idea for a tenant to prepare for the lockout before the sheriff gets to ... The tenant must fill out a form called a “Petition to Proceed as ...

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