I signed an addendum to my commercial lease stating I would make weekly payments in a timely manner, or they could assume ownership of my business. ( this addendum was made because a financial agreement we initially agreed upon verbally) No language is written about late payment other than making timely payments. I was late on one payment 3 weeks ago. The landlord came to visit me on November 30th letting me know that as of Dec 1st they were assuming the business. I was never communicated to regarding my payment being late and they accepted that payment and others after it.
Are they able to seize the business even though there was no language regarding late payments other than the specific dates due and payment in a timely manner?
Unfortunately no definite answer can be given. The acceptance of the late payment and the subsequent payments could very well act as a waiver of the default remedy. You need to see an attorney to discuss this situation.
I hope you found this response to be helpful. If so, please click on the button "helpful" and/or "best answer" as this guides me in writing content and style. The above answer shall not be considered rendering legal advice but instead a general response to a general question. Avvo is a wonderful resource but nothing can substitute for an in-depth consultation face-to-face with a lawyer. My response to your question is not to be deemed to create an attorney-client relationship, nor shall it create an obligation on our part to respond to further inquiry from the questioner.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline