Pennsylvania | Real Estate Law
Legal Question
Assignment of Commercial lease agreement
We leaseed a singal house to run daycare on 01/1990, lease is end at 12/2003. We sold to a private investors company on 03/31/01. On 17/12/01 The executive took all equipment and closed daycare. We been assigned to respond the rent if this company and the executive who gave her personal guaranty fail to pay the rent. Landlord is suiting us for $185,000.00 for rent plus his expense. This judgment against our property and the executive filed personal chapter 7 bankruptcy. We got favor from Federal Court reguarding the rest of purchase amount $90,000.00 that we agreed to lend the company and the first payment is due on 06/01/01 which never been made. Other two partners(a lawyer, a accountant) still holding our $10,000.00 escrow account and refused to give to us. This company did not respond at all and not bankruptcy yet. The executive only has $1000.00 in her checking account as asset and the liabilities is $456,385.00. We can't go back to run daycare, because no equipment, no client and rent is $7,000.00 a month. Our lawyer filed open judgment for us and we still waiting and doesn't look good because our lease is commercial lease. Anything we can do to save our house and life?
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