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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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Hi I dont have the money to pay my business lease now months

Resolved Question:

Hi I dont have the money to pay my business lease now months behind.I asked the LL if I could assign the lease.They said I could but I would have to pay everything I owe plus a thousand dollar assignment fee before they would allow it.I do not have this money at this time.The business is currently closed.Would it be better to just turn in the key so they can release the property quicker.There is 27 months still left on the lease.
Submitted: 5 years ago.
Category: Business Law
Expert:  MShore Law replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Yes, it would. Otherwise, with each passing month, your debt increases without the ability to mitigate it with a replacement tenant. Please let me know if you need additional guidance or have any follow up questions.
Customer: replied 5 years ago.
Sorry I did not get back to you sooner.The answer was great.I just wanted to ask where I should send the key to.There was a property managrment company when I signed the lease but they no longer manage the propertu.I have called arend emailed the landlord but they will not return muy messages.Should I just send the keys to the same address that I send the payment and is there any type of formal letter I need to send.Thanks
Expert:  MShore Law replied 5 years ago.
You should send the key to the landlord's mailing address, if you do not have an address, then to the same address you send payment with an email or fax to the landlord informing him of such. Your letter should state that you have surrendered the property and desire that the landlord commence immediately with the marketing and advertising of the premises in an effort to secure a new tenant as soon as possible.
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