Arizona | Business Law
Legal Question
I sold my business to this couple. They were not able to get approved for their own lease or sublease and so we signed an assignment assumption agreement. The lease does not expire for another 4 months and they were in default as of July10, 2009 $9,493.34. We are being told that we are responsible for the default and the remaining lease. Can you tell me what court this will go to and if don't appear or do anything about it what can happen to me or my credit? If I hire an attorney to negotiate this down beforehand how much will that fee cost me, and is something that can be down to release me of this obligation. ?I was a tenant for 6 years and paid him on time and the lease was suppose to expire one year after we sold it and they were suppose to renegotiate it to put it into the new buyers names but never did. The original lease was a option to renew after the first 3 years and we did and then the 2nd three years was to be over in 07 with another 3 years option which automatically renewed without any paperwork sent to us went into the option years. I thought it was something you had to excercise as an option.? Well the letters are coming in saying we are responsible.what do i do?
Share This On:
