This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
Puerto Rico Conditional Limitation of Tenant Liability Good Guy Provision
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US-OL14035
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How to fill out Conditional Limitation Of Tenant Liability Good Guy Provision?
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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 lease guarantee is a legal agreement between a landlord, a tenant, and a third party approved by the landlord. This third party is called a lease guarantor. Like a cosigner on a consumer loan, the lease guarantor agrees to be responsible if the tenant defaults on the rental agreement.
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.
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 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.
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.
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.
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.
