What's a good guy guarantee?

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.

What is a holdover clause?

A holdover provision provides landlord a remedy in the event the tenant remains in the leased premises, or 'holds over,' after the end of the lease term. The holdover provision will provide landlord remedies in the event the tenant does not timely vacate by the end of the term.

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Conditional Limitation of Tenant Liability Good Guy Provision

King Washington Conditional Limitation of Tenant Liability Good Guy Provision

Name: King Washington Conditional Limitation of Tenant Liability Good Guy Provision
Brand: US Legal Forms
Rating: 4.81 (361 reviews)

Category:

Landlord Tenant - Commercial Leases

State:

Multi-State

County:

King

Control #:

US-OL14035

Format:

Instant download

Description

This office lease provision lists the conditions under which the landlord shall accept surrender and the lease shall be deemed terminated.

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FAQ

You could face some hefty fees Landlords are running a business, and they're not usually in a hurry to give up the financial terms of this contract. As a result, breaking a lease usually comes with a fine. Sometimes the fine is equal to one or two month's rent.

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.

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.

A holdover provision provides landlord a remedy in the event the tenant remains in the leased premises, or 'holds over,' after the end of the lease term. The holdover provision will provide landlord remedies in the event the tenant does not timely vacate by the end of the term.

If your lease has expired and doesn't include an option to renew, the landlord doesn't have to renew the lease. However, most leases give the tenant an opportunity to 'hold over' the lease and stay in the shop on a month-to-month basis at the end of a fixed term.

1a : postpone, defer. b : to retain in a condition or position from an earlier period. 2 : to prolong the engagement of the film was held over another week.

In order to allow a Good Guy Clause, many landlords require a lump sum payment or 'tail' to be paid upon tenant surrendering the premises. For example, a good Guy Clause will be included in the lease so long as the tenant agrees to pay a lump sum payment equal to 3 months' rent upon surrendering the premises.

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Family properties, residential tenant representation (including buyouts), good guy guaranty litigation, co-op and condominium litigation, loft law. You may be in the United States as a conditional permanent resident (CR).Landlords and tenants in commercial and residential real estate litigation. Accused: The person that is charged with a crime and has to go to criminal court. Created, I want to be a nice guy and help you out. The defendant fills in, signs and sends back the acknowledgement of service to confirm in writing that the documents were received. Matters or documents filed in the office of the clerk of the courts. Conditional use permits must be "not in conflict" with the comprehensive plan. Good faith from a dealer in the painting business.

King Washington Conditional Limitation of Tenant Liability Good Guy Provision

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What are the possible consequences if you fail to comply with the terms of the lease?

What's a good guy guarantee?

What does good guy mean in accounting?

What is a holdover clause?

What does it mean if a lease is in holdover?

What means holdover?

How do you write a good man clause?

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What is the King Conditional Limitation of Tenant Liability Good Guy Provision660580?

How does the Good Guy Provision protect tenants?

Can you explain the 'Good Guy' element of this provision?

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How does the provision work in case of early lease termination?

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