Colorado | Landlord & Tenant Law
Legal Question
I own an automotive repair business and am leasing a shop. I am no longer able to make rent payments at the same rate due to economic declines. I need to down-size and move into a smaller facility for this business to survive. My current landlord isn't willing to help in any way. I am in the first year of a 4 year contract with him. I have been in this facility for over 4 years now so this isn't the first contract. Is there a way I can get out of this contract? It is a very simple contract that we signed.
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Legal Answer
The answer depends on the facts and the terms of the contract. It is not possible to know your rights and strategies without review of this agreement and with more facts.
As a legal matter, in the event you do have to breach the agreement, the landlord must mitigate their damages and attempt to get a new tenant right away.
I recommend that you contact an attorney and have them review the contract. Depending on the terms and the facts there may be ways to try to get out of the agreement.
DISCLAIMER—This answer is for informational purposes only and discusses general legal principles, trends, and considerations and is not intended as specific legal advice regarding your question. This answer does not establish an attorney client relationship. For legal advice, you should retain legal counsel for advice regarding your specific circumstances.
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