I am currently in a commercial lease with only 5 months remaining. This is my 3rd 1 year lease term and over the last 5 months I have been broken into twice and seen a couple of arrests around our property. For safety reasons we did inform landlord that we needed to move and would be looking for a new location. Landlord stated that since we will not be renewing they do not want to put any money into the added security of the facility.
We have now found a new location and plan to be out by Nov. 30th. We sat down with the landlord and informed them we would be leaving and offered to pay 2 of the 5 months and also they can keep the last month/security deposit as a buyout but they refused. My hope is that we do not have the liability if the place once we leave. The landlord stated that they do not want the liability to fall on their shoulders so we will have to keep our lease in force until they find a new tenant. We have excellent rental history without a single late payment and have dealt with all issues/repairs this the property since 2007.
I have a Standard Industrial Lease - NNN with no termination clause. It states that I need to have insurance and pay cost of utilities while the lease is in force.
My questions: Do I need to keep general liability on the property even while we are not there? Do I need to keep the power on and in our name? Since this is a NNN lease, do I continue to pay that as well as the monthly payment? I assume yes on all but just not sure what my options might be.
Also, the lease is in my business name and there is no Guarantor can this still effect my personal credit or only my business since I signed the lease as a "Corporate Officer" if any dispute should arise?
Thanks for any help with this.
We have now found a new location and plan to be out by Nov. 30th. We sat down with the landlord and informed them we would be leaving and offered to pay 2 of the 5 months and also they can keep the last month/security deposit as a buyout but they refused. My hope is that we do not have the liability if the place once we leave. The landlord stated that they do not want the liability to fall on their shoulders so we will have to keep our lease in force until they find a new tenant. We have excellent rental history without a single late payment and have dealt with all issues/repairs this the property since 2007.
I have a Standard Industrial Lease - NNN with no termination clause. It states that I need to have insurance and pay cost of utilities while the lease is in force.
My questions: Do I need to keep general liability on the property even while we are not there? Do I need to keep the power on and in our name? Since this is a NNN lease, do I continue to pay that as well as the monthly payment? I assume yes on all but just not sure what my options might be.
Also, the lease is in my business name and there is no Guarantor can this still effect my personal credit or only my business since I signed the lease as a "Corporate Officer" if any dispute should arise?
Thanks for any help with this.
