What’s a Good Guy Guarantee in NYC office space?
What’s a Good Guy Guarantee in NYC office space? If you are on the market for NYC office space and would like to start learning how to rent office space in NYC, then this video is for you. A Good Guy Guarantee is a commercial real estate lease clause that was made to help landlords manage tenants that can longer make lease payments and avoid landlord-tenant litigation. So, here is how it works, if you are a tenant and your business fail a Good Guy Guarantee limits the liability of the person who signs the Good Guy Guarantee document. meaning the landlord will not sue you personally for the remaining lease payments on the lease, providing the following conditions are met; provide the landlord with sufficient notice that you can no longer make your lease payments. You must be current on your lease payments at the time of notice of not being able to continue paying the lease payments. Surrender your space back to the landlord in the same condition that the landlord delivered it to you when you signed the lease. Please keep in mind that you should have an attorney review the Good Guy Guarantee language to make sure it was made to protect you from inadequate language. The benefits of the Good Guy Guarantee. It helps small business owners who have have a short financial record secure a lease with landlords that want more security. It reduces the amount of liability of paying for future rents if, a business is no longer able to pay the lease payments. Keep in mind that the Good Guy Guarantee is a limited personal guarantee. If the Good Guy Guy Guarantee is exercised then the landlord can keep your security deposit. I created a quick video describing whats a Good Guy Guarantee. Find the link to this video here; Whats a Good Guy Guarantee in NYC office space? video link.