This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
Allegheny Pennsylvania Conditional Limitation of Tenant Liability Good Guy Provision
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Multi-State
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Allegheny
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US-OL14035
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FAQ
The law requires payment of transfer taxes on leases that run for more than 30 years.
When negotiating a commercial real estate lease for office space, you may be asked by a landlord to agree to a 'good guy' guarantee. This 'good guy' guarantee is a special type of personal guarantee that provides protection to landlords in the event a tenant goes into default or is otherwise unable to continue.
To be valid, a lease must meet the same essential elements as any other contract: capacity to contract, legal objectives, offer and acceptance, and consideration.
The maximum duration of a standard residential lease agreement is three (3) years in Pennsylvania (68 P.S. §§ 250.201). Leases of more than 3 years must be in writing and signed in order to be valid and not considered a tenancy at will (68 P.S. §§ 250.202).
These are eight clauses that a landlord should include in a lease agreement in California: Security Deposits.Specific Payment Requirements.Late Rent Fees.Rent Increases.Notice of Entry.Rental Agreement Disclosures.Gas and Electricity Disclosure.Recreational Marijuana and Rentals.
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.
This way, if the company goes bankrupt, the tenant still has an incentive to vacate the space, but is not responsible for the remainder of the lease if they cooperate and be a good guy. For example, if Company X stops paying rent June 1 and Company X leaves June 1, the good guy is completely off the hook.
A long term lease entitles the lessee to a limited real right over a property for an agreed period of time ranging from 10 years to 99 years.
