| 1. |
|
| 2. |
|
| 3. |
|
Ratings. Guidance. The Right Lawyer.
NY Commercial Law - Can I opt out?
New York, NY
Viewed 21 times.
Posted 19 days ago in Landlord / Tenant
Flag as objectionable
I have a store and I entered the lease on 1993, and still present till this day. The rent is getting too burdensome to pay because the business itself is not doing well. I did ask the landlord if he can lower some rent and i don't think he'll lower it enough for me to be able to pay. Do I have any leverage in negotiating for a lower rent.
I have a link to a the contract, with names crossed out. It does not have an early termination clause, but I don't have the expertise in contracts and common laws to see what my situation is if I decide to opt out of the lease and close the store. I cannot afford to pay rent until end of lease. Lease was signed with my name as a party to the lease, and not the store, which is set up as a corporation. http://www.moogii.com/upload/Store%20Lease Answers (1)
Ronald Anthony Sarno
This attorney is licensed in New York and 1 other state.
Posted 19 days ago.
Flag as objectionable
Your lease cannot be accessed through this site. If you personally guaranteed the lease, then you can be sued for breaking it. If you signed as an officer of the corporation, only the corporation can be sued for abandoning the lease. In general a L can sue a commercial tenant for the unpaid rent still owed on the lease even if the T vacates before the lease expires. Many L's today are willing to negotiate a rent understanding that
too many T's today cannot afford the original price. The L has no legal obligation to lower the rent, but some L's appreciate that lower rent is better than no rent. Most leases do not have an opt out option. Our law firm is set up to help NYC commercial businesses and you might benefit by having experienced lawyers negotiate a modification of your present lease. On my profile there are several legal guides. I recommend reviewing the following which may be helpful to you: Hiring a lawyer; Is it Legal? Is it Illegal?...Understanding the different court systems; Introduction to Legal terms used in litigation; Limitations on a Lawyer’s License: What a Lawyer Can and Cannot Do……………………………..………………………….. New York business law and real estate matters……………………………………. New York City: A Guide to the Courts…………………………………….. Commercial litigation: How to Handle a Dispute Landlord Tenant Rules and Requirements in General and in New Jersey, Landlord Tenant Litigation: Eviction, Other Lawsuits in General and in New Jersey How to Succeed in Business by Really Trying: Wise Moves and Dumb Moves Our law firm may be able to assist you in this legal matter. You can access our contact information at our website: www.sarnoanddefelice.com or my avvo profile. LEGAL DISCLAIMER………………………………………………………………….. Mr. Sarno is licensed to practice law in NJ and NY. His response here is not legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Sarno strongly advises the questioner to confer with an attorney in their own state to acquire more information about this issue. |
