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.
Nevada Bare-bones Common Form of Good Guy Guaranty is a type of guaranty agreement commonly used in the state of Nevada. This form of guaranty provides limited protection to the landlord in the event of default by the tenant. To understand its intricacies, let's take a closer look at the features and variations of this guaranty. The Nevada Bare-bones Common Form of Good Guy Guaranty is designed to offer landlords some level of security when leasing commercial properties. It is known as the "Bare Bones" form because it typically contains only essential provisions, without elaborate or complex terms. This makes it relatively easy to understand and execute. Key elements of a Nevada Bare-bones Common Form of Good Guy Guaranty include: 1. Guarantor: The guarantor is an individual or entity that agrees to be held responsible for the tenant's obligations under the lease. 2. Limited Liability: In a bare-bones guaranty, the guarantor's liability is often capped at a specific amount or limited to the obligations of the tenant during a specific period, such as the initial lease term. 3. Good Guy Clause: A prominent feature of the Nevada Bare-bones Common Form of Good Guy Guaranty is the inclusion of a "good guy" clause. This clause allows the tenant to terminate the lease agreement by providing advance notice and leaving the premises in good condition. By doing so, the tenant can avoid personal liability, and the guarantor is released from further obligations. 4. Notice Requirements: The guaranty may specify specific notice requirements that the tenant must fulfill to be eligible for the good guy clause. These requirements typically include giving advance notice as to the date of termination and returning all keys. While the Nevada Bare-bones Common Form of Good Guy Guaranty generally follows a standard structure, there may be some variations depending on specific situations or contractual agreements. For instance, some agreements may include provisions for additional security deposits, a requirement for financial statements from the guarantor, or specific obligations pertaining to property maintenance. In conclusion, the Nevada Bare-bones Common Form of Good Guy Guaranty serves as a legally binding agreement between the landlord and the guarantor, ensuring limited protection for the landlord in the event of tenant default. Landlords should carefully review and customize this agreement to suit their specific needs and consult legal professionals if necessary.
