This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
New Hampshire Conditional Limitation of Tenant Liability Good Guy Provision
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FAQ
2. Scope: The scope of a good guy guarantee is typically limited to unpaid rent and damages that occur before the tenant vacates the property. In contrast, the scope of a personal guarantee is broader and covers all aspects of the lease agreement, including rent payments, damages, and other obligations.
Negotiating limitation of liability clauses requires a comprehensive understanding of each party's risk exposure and a careful balance between risk allocation and maintaining a mutually beneficial agreement.
A limitation of liability clause serves to limit the amount and types of compensation one party can recover from the other party. It caps the liability incurred by one party and reduces the risk of a claim by the other party.
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.
Generally, these clauses are enforceable. Parties can generally exclude their liability for certain acts or types of damages, as Linda explained.
A landlord often includes an exculpation clause to limit its liability under the lease to the landlord's interest in the property. A pro-landlord lease may also disclaim any landlord liability except for cases of the landlord's gross negligence or willful misconduct.
A typical good guy guarantee requires a creditworthy tenant (usually principal in the tenant's business) to guarantee the rent obligations under the lease through the date the tenant surrenders the leased space back the landlord. Good guy guarantees in lease agreements are personal guarantees that are limited.
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."
