This office lease form is a detailed guaranty where the guarantor absolutely guaranties to the landlord, its successors and assigns, the payment of all fixed rent and additional rent due as well as all listed obligations within this form.
The New York Detailed Form of Good Guy Guaranty, also known as the New York Good Guy Guarantee, is an essential legal document used in commercial real estate transactions in the state of New York. This guaranty is primarily used in commercial lease agreements and serves as a form of security for landlords against potential tenant default. The New York Detailed Form of Good Guy Guaranty is a comprehensive and detailed document that outlines the responsibilities and obligations of both the tenant and the guarantor. It helps protect the interests of the landlord by ensuring that the tenant fulfills all lease obligations and obligations related to the property. This guaranty is typically required when the tenant is a new business or an individual with limited financial resources, and acts as additional security for the landlord in case of non-payment or other lease violations. Key provisions of the New York Good Guy Guarantee include: 1. Terminology and Definitions: The document will define crucial terms such as "tenant," "guarantor," "lease term," "rent," "lease," and other relevant terms to ensure clarity in the agreement. 2. Personal Guarantee: The guarantor agrees to personally guarantee the tenant's obligations under the lease agreement. This includes payment of rent, maintenance of the property, compliance with lease terms, and any other obligations specified in the lease. 3. Good Guy Clause: The guarantor guarantees that the tenant will peacefully surrender the premises to the landlord on or before the agreed-upon termination date. This clause encourages tenants to vacate the premises without any outstanding obligations, thereby allowing them to be considered "good guys" and limiting the guarantor's liability. 4. Tenant's Indemnification: The guarantor may seek indemnification from the tenant in case the landlord brings any legal action against the guarantor due to tenant default or breaches of the lease agreement. 5. Duration and Extent of Liability: The guarantor's liability under the New York Detailed Form of Good Guy Guaranty often extends only up until the tenant's vacating date and may be further limited to a specific monetary threshold. The guarantor's liability generally terminates if the tenant surrenders the premises and fulfills all lease obligations. It's important to note that while the New York Detailed Form of Good Guy Guaranty is the standard form used in most commercial lease transactions in New York, there may be variations or additional clauses based on specific agreements or landlord preferences. It is crucial for both parties to thoroughly review and negotiate the terms of the guaranty to ensure their interests are adequately protected.The New York Detailed Form of Good Guy Guaranty, also known as the New York Good Guy Guarantee, is an essential legal document used in commercial real estate transactions in the state of New York. This guaranty is primarily used in commercial lease agreements and serves as a form of security for landlords against potential tenant default. The New York Detailed Form of Good Guy Guaranty is a comprehensive and detailed document that outlines the responsibilities and obligations of both the tenant and the guarantor. It helps protect the interests of the landlord by ensuring that the tenant fulfills all lease obligations and obligations related to the property. This guaranty is typically required when the tenant is a new business or an individual with limited financial resources, and acts as additional security for the landlord in case of non-payment or other lease violations. Key provisions of the New York Good Guy Guarantee include: 1. Terminology and Definitions: The document will define crucial terms such as "tenant," "guarantor," "lease term," "rent," "lease," and other relevant terms to ensure clarity in the agreement. 2. Personal Guarantee: The guarantor agrees to personally guarantee the tenant's obligations under the lease agreement. This includes payment of rent, maintenance of the property, compliance with lease terms, and any other obligations specified in the lease. 3. Good Guy Clause: The guarantor guarantees that the tenant will peacefully surrender the premises to the landlord on or before the agreed-upon termination date. This clause encourages tenants to vacate the premises without any outstanding obligations, thereby allowing them to be considered "good guys" and limiting the guarantor's liability. 4. Tenant's Indemnification: The guarantor may seek indemnification from the tenant in case the landlord brings any legal action against the guarantor due to tenant default or breaches of the lease agreement. 5. Duration and Extent of Liability: The guarantor's liability under the New York Detailed Form of Good Guy Guaranty often extends only up until the tenant's vacating date and may be further limited to a specific monetary threshold. The guarantor's liability generally terminates if the tenant surrenders the premises and fulfills all lease obligations. It's important to note that while the New York Detailed Form of Good Guy Guaranty is the standard form used in most commercial lease transactions in New York, there may be variations or additional clauses based on specific agreements or landlord preferences. It is crucial for both parties to thoroughly review and negotiate the terms of the guaranty to ensure their interests are adequately protected.
