Is there a way to get out of a 5 year commercial lease?
Question Details: Have not signed lease and don't want to do a 5-year but it is a prime location for my business. The landlord originally had listed as a 2-year when I looked at with realtor, and I offered to do a 1 year with 4 mos. rent and security. He verbally agreed, but then showed to another potential lessee who said they would do a 5 year. When my realtor shared that info with me, I then said I would do a 5 year. I'm just wondering if there are any outs if I do sign?
If you sign the lease, you are locked into and cannot get out of it unless:
1) There is some early termination clause in the lease and you fully comply with it.
2) The landlord violates his/her/its obligations under the lease in some material or important way.
Otherwise, the lease is a binding contract.
Rate This Answer:
Not Yet Rated
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.