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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.
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When Is A Pretext By A Municipality A Bar To Land Use Approvals?
By Steven M. Silverberg
Recently, there have been several instances in which municipalities have been challenged by property owners claiming that the municipal boards have utilized delaying tactics and other actions as a pretext to prevent development of their properties.
By New York Real Estate Law Reporter Staff
Housing Discrimination Claim Dismissed
Co-Op Did Not Breach Shareholder’s Guaranty Agreement
Co-Op Not Exempt from Lead Paint Mandate
By New York Real Estate Law Reporter Staff
Environmental Group Has Standing But Loses On the Merits of Challenge to Subdivision Approval
Applicant Entitled to Permit For Small Wireless Facilities
By New York Real Estate Law Reporter Staff
Occupation of Premises Does Not Establish Assignment By Operation of Law
Amendment to Rent Stabilization Law Is Not Unconstitutional