The two costliest issues at the end of a lease which has been terminated for default are possession losses such as losses due to holdover, inability to lease and costs to remove the tenant, and inability to obtain reimbursement or damages due to bankruptcy limitations and litigation processes. Good guy limited guaranty obligations provide considerable relief and additional tools for a landlord and owner when the commercial lease goes sour. Good guy guaranties speed the space recovery process, help avoid losses of rentals and aid in space remarketing. Additionally, the opportunities for additional recoveries for losses and costs are material. Good guy limited guaranties additionally incentivize redelivery of the premises to a landlord to speed the recovery process. These are great tools for property owners, property managers, brokers, accountants and facilities professionals to learn to utilize. For tenants and facilities departments of corporations, it is very important to understand the instruments and avoid traps and hidden costs and triggered unanticipated liabilities that may be imbedded in these instruments.
Agenda
Faculty
John Busey Wood
Akerman LLP
- Member of the Real Estate Group in the New York City office of Akerman LLP
- Practices in commercial and construction real estate
- Advises public and private companies on real estate acquisitions, facilities management and standardization, construction and development, brokerage law, commercial leasing, cross-border retail entry, commercial property management and litigation
- Represented owners in the design and negotiation of commercial leases and ground leases covering in excess of 100 million square feet of retail, office, and mixed-use space projects for more than thirty years
- Negotiated the largest ground/space lease transaction in the history of New York City, containing more than 2 million square feet, including fast-track rehabilitation, construction lending, permanent financing, and options for fee acquisition in excess of 9 million square feet
- Expert witness and a noted authority on construction and operations, improvable/financeable ground leases, and rental escalations
- Listed in Who’s Who in Real Estate, Who’s Who in American Law, 2nd and 4th editions, Who’s Who Registry of Global Business Leaders, 1993 and 1994 editions and New York Super Lawyers
- Received the highest preeminent peer rating by Martindale-Hubbell Law Directory and was peer-nominated and elected an American Bar Foundation Fellow
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