Grasping the Good Guy Guaranty in New York

(954 Ratings)

Produced on: March 17, 2015

Course Format On Demand Audio

Taught by

Categories:

Course Description

Time 102 minutes
Difficulty Intermediate

In this presentation, New York City commercial real estate attorneys Jay Itkowitz and Michelle Maratto Itkowitz teach you everything you need to know about guaranties and good guy guaranties. Specifically, Jay and Michele examine how landlords can use the guaranty as a formidable bargaining chip during lease negotiations, how tenants must tread carefully when attempting to surrender the leased premises, and the snags and pitfalls that can complicate matters.

 

This course will also shed light on the effect a tenant's bankruptcy has on a landlord's ability to recover rent from the guarantor. This program will be extremely useful for all real estate brokers representing both landlords and tenants in lease negotiations.

 

Learning Objectives:

I.        Define a guaranty in layman’s terms and identify the what, where, when and why of such guaranties. 

II.       Understand the guaranty's anatomy - i.e. Who is the guarantor and is the guarantor is creditworthy. 

III.      Identify a credit report and accuprint report 

IV.     Become fammiliar with the role of the good guy guaranty in the lease 

V.      Recognize the key language & notice provisions of the good guy guaranty 

VI.     Explain how the landlord accepts notice of surrender 

VII.    Ascertain the types of liens that present common issues in commercial leases 

VIII.   Grasp what is involved in rent abatements and clawbacks 

IV.     Comprehend the effect bankruptcy has on a landlord’s ability to recover rent from a guarantor

 

Faculty

Michelle Maratto Itkowitz has been practicing real estate law, specializing in the area of residential and commercial landlord and tenant law in the City of New York, for over twenty years. She also is very experienced in general commercial litigation and all manner of real estate transactions. 

Michelle publishes and speaks frequently on real estate and legal issues. The groups Michelle has taught for or presented to and the publications she has written for include:

  • Lawline.com
  • The Columbia Society of Real Estate Appraisers
  • LandlordsNY
  • Lorman Education Services
  • The Association of the Bar of the City of New York
  • The New York State Bar Association, Real Property Section, Commercial Leasing Committee
  • Thompson Reuters
  • The Cooperator
  • The New York State Bar Association CLE Publications
  • The Brooklyn Real Estate Summits
  • The Association of the Bar of the City of New York
  • BisNow

Michelle gets quoted in the press on real estate and legal issues. Michelle produces tons of original and useful content on real estate and law and gets it out to the world in many ways – from booklets to podcasts, as well as many useful articles that can be found on her Teaching and Publishing blog. Michelle is the Legal Expert for LandlordsNY, where she answers members questions on as a guest on their blog. Michelle is developing an extensive curriculum of real estate continuing legal education videos with Lawline.com. Michelle is currently co-authoring the New York State Bar Association's New York Commercial Landlord and Tenant Law and Procedure Book and she co-authored a chapter on lease remedy clauses for the New York State Bar Association Commercial Leasing. Michelle is a pioneer of Legal Project Management, a unique and better way for lawyers and clients to work together, which you can read much more about on her website or watch a Lawline CLE on.

Michelle is admitted to practice in New York State and the United States District Court for the Southern District of New York.  Michelle’s professional associations include: the New York State Bar Association - Real Property Law Section and Commercial and Federal Litigation Section, Gotham City Network - New York City Real Estate Chapter, and the Brooklyn Chamber of Commerce. Michelle received a Bachelor of Arts in Political Science in 1989 from Union College, and a Juris Doctor in 1992, from Brooklyn Law School. Michelle is also a managing member of an executive office suite company and a founding member of an internet startup company that launched in 2012. Michelle sits on the board of directors of Building Blocs, a not-for-profit organization, and she has been honored by the Brooklyn Bar Association Volunteer Lawyer's Project.

There are many ways to keep up with Michelle. When Michelle tweets, which is not an obnoxious amount, you cannot only actually understand what she is saying, but it is useful stuff about real estate, business, and the legal industry that you might miss between the headlines. Michelle would be happy to speak to you.

Jay Itkowitz

Itkowitz PLLC

Jay Itkowitz is a partner at Itkowitz PLLC, an AV-rated, boutique law firm specializing in complex commercial litigation and transactions that has been serving the real estate industry in New York City for over twenty years. Mr. Itkowitz is admitted to practice in New York State, the U.S. District Court, Southern and Eastern Districts of New York, the U.S. Court of Appeals 2d Circuit, and the United States Supreme Court. Mr. Itkowitz graduated from New York Law School with honors in 1977, where he published a note in the Law Review.

Mr. Itkowitz has cleared several buildings for major capital projects. Itkowitz PLLC was lead counsel, for example, in evicting tenants from Grand Central Station in the mid 1990's so that its historic renovation could be commenced. Other "de-leasing" projects include clearing: a building at 750 Lexington Avenue for Cohen Bros. Real Estate Corp.; the New York City headquarters of the Directors Guild of America, Inc.; the New York Coliseum for the Triborough Bridge And Tunnel Authority; and a building on 11th Avenue in Manhattan containing approximately 150 sub-tenants for Charles Benenson & Preston R. Tisch.

Mr. Itkowitz is also a managing partner of a number of residential and commercial real estate projects. He is currently building a regional company offering state-of-the-art office suites for attorneys and other professionals, which has just opened a new facility on the top floor of 305 Broadway, New York, New York. He is also currently constructing a condominium building in Brooklyn, New York.

Mr. Itkowitz has been an adjunct professor of legal writing at New York Law School and has authored many articles and given many lectures on real estate issues, including for Lorman Education Services, the Practicing Law Institute, the New York State Bar Association, and the Rent Stabilization Association. Mr. Itkowitz and Michelle Maratto Itkowitz authored a chapter on lease remedy clauses for the New York State Bar Association Commercial Leasing Manual.

Mr. Itkowitz, a former investigative journalist for newspapers in the New York Metropolitan Area, began his legal career as an Assistant Corporation Counsel for the City of New York and has clerked for a U.S. District Court Judge for the Southern District of New York and a Kings County Supreme Court Judge. Mr. Itkowitz specializes in complex trial work.

Mr. Itkowitz can be contacted at 646-822-1801 or at jitkowitz@itkowitz.com.

Reviews

DF
David F.

good

RL
Robert L.

very nice, competent attorneys

CB
Collin B.

Great course.

NC
Nia C.

enjoyed the banter between a litigator and non litigator

AL
Alan L.

the conversational format was helpful

NH
Nancy H.

Amused by personal dynamics of this husband and wife team as they sometimes differed with each other

SB
Steven B.

good class

LL
Linda L.

Very informative and helpful materials.

LM
leonard m.

THEY ARE EXCELLENT

VM
Victoria M.

The presenters were very good.

KG
Kenneth T G.

Nice interplay between litigation and drafting

JK
Julian K.

Interesting topic. I enjoyed the conversation.

MM
Mary Beth M.

Great program!

MB
Marc B.

learned muchabout good guy guarantees to advise landlords

PL
Peter L.

Very good information and materials. Would like to see a course dealing with lease guarantees- conditional versus unconditional, effect of releasing one guarantor on remaining guarantors, when not jointly and severally liable, effects of Court settlements

MW
Mark W.

Excellent presentation

ES
Edward S.

Excellent course!

ML
Michael L.

Very useful, about leasing concepts generally, not just GGG.

MG
Michael G.

Fun team.

LM
Lillian M.

Really liked the speakers.

ML
Michael L.

Very Engaging! It is always a pleasure to see good lawyers who love the law (it's easy to see). We are still a Noble Profession.

DM
Diane M.

Excellent presentation

MI
Muhammad I.

I love these speakers!

BE
Barbara E.

Itkowitz and Maratto: two geniuses in the landlord tenant field

KF
Kelly F.

Very entertaining and very knowledgeable

KN
Karen N.

Very clear and informative

RB
Richard B.

Very good presentation. I think it could easily have been 3 hours. Excellent handout.

MC
Martha C.

Very informative course on a not widely reported subject.Thank you.

RZ
Richard Z.

I enjoyed the exchange format between the two speakers

RA
Raymond A.

Excellent, exhaustive and informative.

VW
Valerie W.

Great for Good Guy Guaranty and also general sense of different lease provisions.

RB
Russell B.

I found both instructors to be great.

JO
Jason O.

very informative

JM
John M.

THANKS

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