This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
Chicago, Illinois Conditional Limitation of Tenant Liability Good Guy Provision, also known as the Good Guy Guarantee, is a legal concept that aims to protect tenants in commercial lease agreements. It provides a conditional limitation on a tenant's liability in case of early termination of their lease. Under this provision, a tenant agrees to continue paying rent and other lease obligations until a suitable replacement tenant is found or until the lease term expires, whichever comes first. The obligation to find a replacement tenant is often a joint effort between the tenant and the landlord. The Good Guy Provision is designed to benefit both parties involved. For landlords, it ensures a smooth transition between tenants and minimizes losses due to vacancies. It also provides stability and security in the event of a tenant's unexpected departure. On the other hand, for tenants, it offers a degree of protection by limiting the financial liability they may face if their business struggles or circumstances change. There can be several types of Conditional Limitation of Tenant Liability Good Guy Provisions: 1. Full Good Guy Guarantee: In this type, the tenant is responsible for paying rent until a suitable replacement tenant is found, regardless of when the lease term ends. This provision offers the maximum protection to the landlord. 2. Limited Good Guy Guarantee: Under this type, the tenant's liability is limited to a specified period, usually a few months. Once this period is over, the tenant's financial obligation is relieved, even if a new tenant has not been secured. The duration of this liability can vary depending on the negotiation between the tenant and the landlord. 3. Good Guy Recognition Clause: This variation acknowledges the tenant's compliance with the Good Guy Provision by allowing them early termination of the lease if a suitable replacement tenant is secured within a specified timeframe. The tenant may still have to cover any expenses involved in finding the replacement tenant, such as marketing fees or brokerage commissions. It is crucial for both landlords and tenants to understand the specific terms of the Conditional Limitation of Tenant Liability Good Guy Provision before signing any lease agreement. Consulting with a real estate attorney or a knowledgeable professional is advisable to ensure clarity and fairness in the interpretation and enforcement of this provision. Overall, the Chicago, Illinois Conditional Limitation of Tenant Liability Good Guy Provision offers protection and flexibility to both landlords and tenants, encouraging a cooperative and responsible approach to lease agreements.
