Legal Question in Business Law in New York

To break a buliding lease

We are a LLC we are closing one of our retail locations the lease is up in may. We can no longer afford to pay the rent but are current till now can we get out of the rest of the lease without being sued we are guarentares of the lease the rent is 2100 per month


Asked on 11/21/08, 6:30 pm

3 Answers from Attorneys
Jeffrey Shepro Jeffrey Shepro PC: NY Commercial Real Estate and Business Law

Re: To break a buliding lease

You should also see whether you may be able to sublet the store. You most likely need the landlord's permission and of course a new tenant. Even if you sublet for less, you may save yourself from losing $2,100 a month. Of course I do not know all the facts of your case and so this is only general information, not legal advice. Best thing you can do is retain an attorney.

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Answered on 11/24/08, 10:45 am
Michael Markowitz Michael A. Markowitz, PC

Re: To break a buliding lease

Read Norman's answer. It actually depends on the language in the guarantee. There is a type of guarantee that is called a "good guy guarantee," which guarantees rent during possession.

You should have an attorney read the lease and guarantee in order to give you options.

Mike.

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Answered on 11/23/08, 1:50 pm
Norman Nadel Norman Nadel, Esq.

Re: To break a buliding lease

As a guarantor you have a personal obligation to pay the rent for the term of the lease. You can always negotiate to reduce that obligation with the landlord.

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Answered on 11/22/08, 10:57 am


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