Before you agree to a settlement, you may want to consult with an attorney in your area. An attorney will be able to review your lease agreement to determine whether there is any personal liability for the lease. If you are personally liable this means that you are financially responsible even if your business is unable to pay, but if you are not, then it may change your settlement outcome.
I hope this helps!
NOTE: This Answer does not constitute legal advice. Every case is fact specific. To render a legal opinion, an attorney must engage in a consultation with a prospective client and review any pertinent documents. This communication does not create an attorney-client relationship with Attorney Rochelle N Belnap or Belnap & Forbes, PLLC.
I assume the lease was in your name. Selling the business will affect the terms of the lease. If you break the lease they can pursue you for the balance. You can always seek to negotiate.
You should discuss this matter with an attorney who handles debt resolution and bankruptcy issues. You should know that lease inside and out in order to determine what liabilities you are exposed to if you do break the lease. My office number is (954) 353-4356 if you have any additional questions.