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Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10625
Experience:  Barrister 17 years experience
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I have a 25 year lease on a commercial building with 10 years

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I have a 25 year lease on a commercial building with 10 years expired,
There are no break clauses and I have a personal gurantee on the lease.
Have I any out clause, Business has collapsed and I am finding it difficult to pay the rent, Can I terminated the lease and minimize my exposure ?
1. YOur solution here is to assign the benefit of the lease to some other entity which will take over the ongoing payment of the lease. Consent to the assignment of a lease must not be unreasonably withheld. As part of the transfer of the lease, you can seek to have someone else take on the obligations under the guarantee, or if the landlord will not consent to this course, you should get a counter-guarantee from the person whose business is taking on the new lease.
2. HOwever, apart from this course of action, your are left with effectively ending the lease unilaterally. Here the landlord would be under a duty to mitigate and get in a new tenant but your would still remain liable for any shortfall in rent being paid under the lease. So this is not a good option.
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