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Good Guy Guarantees are designed to ensure that defaulting commercial tenants leave the premises promptly, avoiding loss of rental income to landlords. The guarantee provides an incentive for the guarantor (usually one of the tenant’s principals) to make sure the tenant leaves promptly, because the guarantor remains on the hook for rent until the tenant vacates the premises. However, in Bri Jen Realty Corp. v. Altman, NYLJ 1/13/17, p. 26., col. 2, the Second Department construed a Good Guy Guarantee to hold a guarantor liable for rent for 11 months after tenant surrendered the premises. Bri Jen counsels caution in drafting future “Good Guy” Guarantees.
By Lisa Clare Kombrink
The Appellate Division, Second Department, recently decided Long Island Pine Barrens Society, Inc. v. Suffolk County Legislature, an important case that pitted the interests of farmers and conservationists against a local advocacy group focused on open space and water quality.
Broker Agreed to Commission Based on Rent for First Five Years of Lease
Statements in Earlier Action Did Not Accelerate Mortgage and Trigger Statute of Limitations
Death Does Not Extend Foreclosure Limitations Period
Neighbor Granted Statutory Licence to Paint Fence
Record Did Not Establish Conveyance of Easement
Co-Tenant Entitled to Partition
Town Entitled To Injunctive Relief for Violation of Certificate of Occupancy
Guarantor May Not Interpose Wrongful Eviction Defense
Landlord Bound by Renewal Lease Signed After Judgment of Possession
Notice of Nonrewnal Sufficient to Withstand Jurisdictional Challenge
Incarcerated Son Not Entitled to Succession Rights
Occupant Did Not Establish Succession Rights
Court Dismisses Tortious Interference Claim By Holder of First Refusal Right