This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.
Massachusetts Conditional Limitation of Tenant Liability Good Guy Provision
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US-OL14035
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FAQ
The use of a Good Guy Clause allows a renter to be released from liability of the lease if a rental is terminated early, giving tenants less apprehension regarding signing a time bound lease, and satisfying the landlord's worries about reclaiming their space "in the same condition in which they would have been had the ...
A Good Guy Guaranty provision secures a commercial lease by ensuring that the landlord regains possession of the leased property on a specific date, with the leased property being surrendered to the landlord in the condition required under the lease.
A Good Guy Clause, (?GGC?) is a lease provision typically found in commercial leases that allows a landlord to release a tenant from liability in the event the tenant does not complete the lease period.
For example, if Company X stops paying rent June 1 and Company X leaves June 1, the good guy is completely off the hook. If Company X stops paying rent June 1 and Company X leaves July 1, the good guy owes the landlord rent for the month of June.
The undersigned hereby covenants and agrees that if there shall occur any default by Tenant in the payment of fixed rent or additional rent or any other charges set forth in the Lease, or if Tenant shall default in the performance of any of the covenants, terms, conditions and agreements contained in the Lease then the ...
The good guy clause is a legal guarantee that maintains that if a tenant is unable to pay their rent, they will give their landlord notice, typically within three months, and vacate the space.
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.
Holding over when your lease is silent on holding over makes you a tenant at sufferance, which means you have no right to remain in the space and the landlord can evict you at any time. In Massachusetts, landlords are not permitted to resort to self-help to forcibly evict commercial tenants.
