This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
North Dakota Conditional Limitation of Tenant Liability Good Guy Provision
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US-OL14035
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The undersigned hereby covenants and agrees that if there shall occur any default by Tenant in the payment of fixed rent or additional rent or any other charges set forth in the Lease, or if Tenant shall default in the performance of any of the covenants, terms, conditions and agreements contained in the Lease then the ...
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 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.
In the realm of Florida asset protection law, personal guarantors are individuals who commit to being responsible for the debts or obligations of another party, typically a borrower or a business entity. This responsibility arises when the primary debtor defaults or fails to fulfill their financial obligations.
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.
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.
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.
