I am a restaurant owner that signed a 10 year lease in a strip mall. Unbeknownst to me when I entered into the lease, the owner of the strip mall has decided that he would prefer to redevelop the property and the entire area has become a ghost town. Due to the resulting diminished business, I am struggling to continue paying the agreed upon rent. Do I have any cause of action against the owner? Or grounds to lower the rent? I know the owner would like us to leave, but I would lose the extensive capitol expenditures I put into the restaurant. So, if I were to leave, I would like to be reimbursed for my capitol expenditures.
1 Answer from Attorneys
So, have you at least attempted to negotiate with this owner a way out
of this situation that would, perhaps, result in a lower monthly rent or that
would allow for your early termination of the lease with at least some compensation for your capital expenditures?
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