Lost? Undecided? Want to know your options? Scenario: you want to terminate your lease earlier than planned. You had all the right intentions when you first signed. But life happened. Circumstances changed. Now you have questions:
1. Can I break the contract?
2. Am I liable for the remainder of the lease?
You will be financially and contractually responsible for the duration of the time left. But there are options:
🔸️Speak to the landlord or seek help from a Contract lawyer/CRE broker about your decision.
🔸️Some commercial leases have an early release option. Ask the landlord to include this during the initial contract drafting of a new lease.
🔸️If the landlord permits, find a new tenant to take over your rented space for the duration of the commercial contract.
🔸️If you want to terminate a lease, due to contractual responsibilities not fulfilled by the landlord, or another reason through no fault of yours, speak to a lawyer.
Our team has more information. Here to help get you on the right track. Feel free to reach out: jonathan@lennard.com or 416.471.0904
www.jonathangorenstein.com
