What is a good guy clause?

What is a good guy clause?

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What is a good guy clause?

“As long as I pay the rent, I can leave whenever I want, that’s a Good Guy Clause, right?” That statement is wrong, and it’s a common misperception. 

A Good Guy Clause is a personal guarantee that protects you when you break the lease. However, typically there are certain conditions that a landlord will want you abide to. 

Firstly the landlord will probably make you guarantee that you’ll stay in the space for a set amount of time, for example he’ll want you to guarantee at least two years of a five year lease. 

The landlord will request that you also give him a notice that you’ll be leaving the space, so for example he might require that you give him a 3 month notice so it gives him time to market the space. 

The landlord will want you to restore the space back to the original condition.

For more commercial real estate advise visit www.jondavidbrooks.com

For my real estate listings visit www.ctnyc.com

 

 

  Article Info
Created: May 5 2012 at 12:20:09 AM
Updated: May 5 2012 at 12:20:09 AM
Category: Real Estate
Language: English

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