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Thread: Commercial Real-Estate Lease Agreement Question?

  1. #1
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    Talking Commercial Real-Estate Lease Agreement Question?

    Hello Beyond Members,

    I know of a family member who is selling their restaurant business. There is about 1 year left on the lease agreement, and the new owners have agreed to take it over.

    Here’s the problem. Then landlord wants my family member to sign an agreement stating that if the “new owner’s” of the restaurant “default” on any of the monthly payments, then my family member is liable for making the monthly payments.

    Is this legal? I’m thinking it’s not because the landlord requires my family member to sign an agreement for this.

    Any advice would be much appreciated. Thanks.

  2. #2
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    Check your lease agreement, generally there are clauses and stipulations that affect the proprietor's ability to leave prior to lease maturity.

    BTW, it isn't illegal, it's very normal in lease transactions.
    Originally posted by rage2
    Shit, there's only 49 users here, I doubt we'll even break 100
    I am user #49

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    It's just like assuming a mortgage. Previous mortgage holders can be responsible for new owner's defaults depending on the situation...like max_boost said, it's perfectly legal and quite common.

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    The orignal contract would have all the stipulations for exiting the contract. Ie 3 months notice, if it doesn't too bad, sign up and sign better contracts!

    So what happened?

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    Originally posted by 96Mx6
    So what happened?

    Letting the layers duke it out.

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