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When Do COVID-19 Shutdown Orders Excuse Lease Guarantors?
Section 22-1005 of the New York City Administrative Code provides relief for individuals who guaranteed commercial leases when the tenant defaulted as a result of government orders issued during the early days of the COVID-19 pandemic. In recent months, however, litigation has emerged about the scope of that relief.
Section 22-1005 provides:
A provision in a commercial lease … that provides for one or more natural persons who are not the tenant under such agreement to become, upon the occurrence of a default or other event, wholly or partially personally liable for payment of rent …, shall not be enforceable against such natural persons if the conditions of paragraph 1 and 2 are satisfied:
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In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
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