How can I get out of a commercial lease?
We are a year and a few months out from ending the lease, but business is really really bad. I had a meeting with the landlords, but they wont give me a direct decision, they just kept asking if I was going bankrupt. In which I sad no, I dont need to, I want to get out before I have to. I have zero loans out. We are going to meet again in a few days. Any suggestions?
Best Answer
Your commercial lease is a legal and binding contract. You are obligated to pay the monthly rents, regardless of the situation with your business. That means the landlord is in the driver's seat. You are best advised to work out a reasonable settlement with the landlords. If they will not work with you, you are still obligated to pay as agreed. Do your best to work with the landlords, including attempting to find another business which may take over your lease agreement.