This decision involved a commercial lease. Defendants included guarantors under a “good guy guarantee” (guarantors). Generally, a “good guy guarantee provides that the guarantor will be released from the guarantee if the tenant surrenders possession and is not in default of its obligations at the time of surrender.

The tenant had failed to pay rent and additional rent in August 2017. The landlord had commenced an eviction proceeding that resulted in a stipulation of settlement (stipulation). The stipulation provided that the tenant would vacate the premises on or before Oct. 31, 2017. The tenant vacated on Nov. 3, 2017.