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my lease is up in june 2011 I am moving into another location

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my lease is up in june 2011 I am moving into another location in feb. I did sign a personal garentee on the first lease. the amount on the balance is $27000. $5500 a month, they have a $5500 deposit of mine as well.
Q-If we default on the loan how far could the landlord pursue us?

We are doing our best to find them a new tenent. In the lease a sub-lease tenent has to be approved by the landlord.
They are not helping me to lease the property. and are asking more for the rent each time they contact a possible tenent.
I informed the landlord our intent to move in Dec 2010 as requiered in the Lease (6 month notice)
Submitted: 3 years ago.
Category: Business Law
Expert:  Dave Kennett replied 3 years ago.

-Could you explain your situation a little more?
If your lease is up and you are moving why would you owe additional rent?

I am assuming this is a commercial lease.

Customer: replied 3 years ago.

My lease is up june 30th, I'm moving early, Feb 2011, that leaves 5 months on the lease.

YES- retail space

Expert:  Dave Kennett replied 3 years ago.

Dear Customer - You said you had given a 6 month notice but I assume you are not staying for the 6 months. If that is the case you would owe for the additional rent until the lease is up. The landlord has a duty to mitigate the damages by trying to re let but they don't have to accept a sub lease if it is not part of your existing lease that they must do so. Commercial leases are different from residential since they are not subject to the landlord tenant laws.

 

If the landlord is asking higher rent than what you are paying you can make an argument that they failed to mitigate the damages by charging more than the premises were worth and therefore prohibited any reasonable prospective tenant from accepting a lease. That would have to be in the form of a counterclaim to any suit they may file against you once you stop paying rent.

 

Since you are moving early you are in breach of the lease so unless you can make a case against the landlord for failing to mitigate the damages you will be liable for the unpaid rent.

 

Dave Kennett

Customer: replied 3 years ago.

Thank you , my question is how far can they go to re coupe their owed rent.

collection ? Leans? Ruin my Credit? pay legal fee's.

 

Do I need to get statements from people who where quoted higher rents?

 

 

 

 

Expert:  Dave Kennett replied 3 years ago.

They would have to file a suit, as I said in my answer, and then you can file a counterclaim for failure to mitigate the damages. You can use other prospective tenants as witnesses to the fact that they were charging more rent. They cannot file a lien until they file a suit and get a judgment.

 

I can't tell you what they will do as that is up to the landlord but the extent of what they can do is file a suit and if they get a judgment then they can use all legal means to collect.

 

Dave

Dave Kennett, Attorney
Category: Business Law
Satisfied Customers: 27687
Experience: 25 years practicing law
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