New York Commercial Lease - Can I opt out? - early termination of commercial lease
Hello guys. I have a question from a very difficult life situations.
I have a business and entered into the lease in 1993, and yet day until today. The rent was too expensive to pay because the company itself does not go well. I asked the owner if they can reduce a portion of the rent, and I do not think that the ground is enough to pay for me. I wonder if I have influence in negotiating a lower rent have.
I have a link to a copy of the contract I have removed their names. He has an early termination clause, but have no experience in the Treaties and Laws to see what my situation if they decide to opt for the rent and close the store. The lease runs in its present form in 2017, and there is no way that I can continue this activity until that time, with income.
One question I would like to clarify the original contract was to my name as a party to the lease, not the business that is configured as a corporation. I guess, ispersonally held responsible, even if the bank operates as a business. I hope, however, confirmation, get on this and we hope to have some impact, to reduce the rent.
Thank you for your help.
20Lease.pdf% http://www.moogii.com/upload/Store
Thursday, January 14, 2010
Early Termination Of Commercial Lease New York Commercial Lease - Can I Opt Out?
2 comments:
You're right that you personally on the hook for the remaining term of the lease. As already mentioned the answer, sublet or assignment is an option when someone is willing to accepted the terms of the lease has been able to find.
Since only a lease renewal for 10 years in 2008, did nothing to encourage the owners to their revenue, not reduce in.
Talk to your landlord and tell him that you are about to go under, and you should at least $_____ reduction of income, have to keep their business afloat. They argue that the current pace of rent it on the market without paying the owner was required to pay for construction costs and commissions from the transaction. (I guess you do not have any runners, since I saw your lease - Ay!) You are a tenant triple net realization of all operating costs for local and special taxes on income and debt service space is not the cost to the landlord. Basically anything you can do is to save threatened, because it is the only leverage he has. \\ \\ \\ \\ \\ \\ \\ \\ U0026lt;br>
(Only when you reach the point where it is on its standard lease, you may consider measures to ensure personal belongings before you can protect, now things are totally wrong.)
They are personally responsible for the lease. Consider trying to sell the company or the subletting of the premises. In commercial leases, the landlord can not unreasonably deny approval for a new tenant or new owner.
If you are close to shopping and leave the plant, responsible for rent until another tenant is found. In addition, if the owner ends with the premises on a reduced rent to rent in the difference would be seen until 2017. Also, you will, for each cleaning, repair or disposal of any change in construction, have been done in recent years was responsible.
Most entrepreneurs in the situation is to declare bankruptcy to escape the severe and costly consequences.
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