In a commercial lease, a “good guy” guaranty is often signed by one or more of the tenant’s principals. A “good guy” guaranty functions to ensure the payment of rent (and sometimes the performance of other obligations) under the lease through the date that the tenant surrenders possession of the premises. It is less onerous than a personal guaranty which would obligate the guarantor to all of the lease obligations during the entire term of the lease Continue reading »
Category: Commercial Leases
Business Improvement Districts (BIDs) have serious monetary implications to tenants of commercial buildings. NYC has 69 BIDs, the most of any city in the U.S., so commercial tenants should be aware of their existence and their potential monetary effect.
Is your restaurant tenant planning to have a mural painted? Are you planning to install a sculpture in the lobby of one of your buildings? Be cautioned that it might not be easy to remove that work and you might find yourself on the wrong end of a lawsuit if you damage the work. Even after artists transfer their ownership interests in artwork they created, they still may have rights known as “moral rights” to works located on your property. Here’s the skinny on what you need to know about moral rights and how they can affect your property. Continue reading »