In general, an LOI is a document commonly used when negotiating a commercial lease. LOI’s break down the material terms and conditions of a proposed deal. An LOI provides a starting point for lease negotiations and serves as a guide for the landlord’s attorney, who typically drafts a commercial lease. That said, an LOI is […]
A Good Guy Guarantee is a personal guaranty frequently used in New York commercial leases. The guarantee either appears as a clause in the lease or as a separate document by way of an exhibit to the lease a Good Guy clause is typically signed by the tenant’s principal, who personally promises to fulfill all the […]
Concerning holdover rental provisions, from a landlord’s perspective, the language should provide that if the tenant holds over its possession after the expiration or earlier termination of the original term, or any extended term, such holding over shall not be deemed to extend the term or renew the lease. However, any such hold over thereafter […]
In most commercial leases, there is a standard prohibition on assignments, subleases and transfers of stock or other ownership interest in the tenant. Without any modifications to this provision, a tenant would be constrained in its ability to find other space (whether to downsize or grow its business), to sell or transfer control of its […]
Commercial landlords have an inherent fear that tenants will fail to pay their rent. If a tenant does not pay, the landlord knows that the only path to financial recovery or eviction is usually a lengthy court proceeding. That means hiring lawyers and paying legal bills, all while losing potential rental income. To avoid this […]
By definition, an estoppel certificate is a “signed statement by a party certifying for another’s benefit that certain facts are correct, as that a lease exists, that there are no defaults, and that rent is paid to a certain date. A party’s delivery of this statement estops that party from later claiming a different state […]
