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, often known as the Good Guy Guarantee, is a legal provision that offers protection to certain commercial tenants in Puerto Rico. This provision safeguards tenants from excessive liability when terminating their lease agreements prematurely under specific circumstances. The Puerto Rico Conditional Limitation of Tenant Liability Good Guy Provision operates on the premise that a commercial tenant who wants to terminate their lease early must give the landlord a reasonable advance notice. Upon delivering this notice, the tenant remains liable for the rent payments until a replacement tenant is secured or until the lease term expires, whichever comes first. This provision aims to provide tenants with an opportunity to exit their lease agreement without incurring substantial financial burdens. By giving advance notice, tenants can assist landlords in finding new tenants and minimize potential income loss. In return, tenants are granted conditional limitation of their liability, known as the Good Guy Provision, relieving them from rental obligations once a suitable replacement is found. The Puerto Rico Conditional Limitation of Tenant Liability Good Guy Provision takes into account specific factors such as the lease term, market conditions, and the tenant's responsibility to actively assist in finding a new tenant. It is essential for tenants to fulfill their obligations to be eligible for the liability limitation. In Puerto Rico, there are no distinct types of Conditional Limitation of Tenant Liability Good Guy Provisions. However, variations of this provision may exist with different clauses, requirements, and specifications based on individual lease agreements. It is vital for tenants and landlords to review the specific lease agreement to understand the terms and conditions associated with the Good Guy Guarantee. In conclusion, the Puerto Rico Conditional Limitation of Tenant Liability Good Guy Provision offers protection to commercial tenants who wish to terminate their lease agreements early. By providing advance notice and actively participating in finding a new tenant, tenants can limit their liability for rental payments. Understanding the terms and conditions specific to individual lease agreements is crucial for both tenants and landlords.
