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Barrister, Attorney
Category: Legal
Satisfied Customers: 38257
Experience:  17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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My commercial lease is signed under my corporate name, but

Customer Question

my commercial lease is signed under my corporate name, but there is also a good guy clause, can i just walk away? the business has no assets
Submitted: 2 years ago.
Category: Legal
Expert:  Barrister replied 2 years ago.
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can..A good guy clause is a limited personal guarantee. The distinction between a good guy clause and a traditional/full personal guarantee is that in a good guy clause an individual’s personal liability ends when the space is vacated. Therefore, if a company dissolves and the space is vacated, the individual is absolved of any further responsibility..A good guy clause basically states that if a company defaults (for bankruptcy or any other reason), the individual that signed the good guy clause is responsible for the rent in between the default date and the surrender date (when the space is vacated). This way, if the company goes bankrupt, the tenant still has an incentive to vacate the space, but is not responsible for the remainder of the lease if they cooperate and "be a good guy"..So if you vacated the premises and surrendered possession, your personal liability would end at that point...thanksBarrister