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Once the tenant files bankruptcy he has 4 months to assume or reject the lease. This can be extended for up to 90 days without the landlord's permission. If the lease is assumed, the tenant must cure all defaults and show it can meet its obligations going forward. If it rejects the lease the tenant has to move out. The landlord can file a claim for all past and future rent due which are treated as unsecured claims. The landlord's claim for future rents is capped at the greater of one year's rent or 15% of the remaining lease term. You will be able to apply any security deposit or letter of credit you hold against the debt up to the amount of the capped claim.
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