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The landlord has the option of treating the lease at an end but doesn't have to do so.
If there is a long lease then the landlord will not agree that the lease is over and the tenant is no longer obligated on the lease. Rather the landlord would sue for the remainder of the rental payments. At the same time the landlord has a duty to mitigate damages and so would have to make his/her best efforts to find a new tenant and when that happens then the tenant is no longer obligated on the lease and would just owe what damages the landlord suffered.
The landlord could not sue the corporation if it declares bankruptcy. If someone guaranteed the lease personally then the landlord would sue the guarantor.