Grasping the Good Guy Guaranty in New York
Created on March 17, 2015
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.
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
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