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I have a commercial lease in California, the owner is totally

redoing the building and all...
I have a commercial lease in California, the owner is totally redoing the building and all tenants must be out by december 31st, however I have a one year option remaining on my lease which takes me to July 31st 2014. I know the owner needs to buy me out of the remaining 7 months on the lease, how do I figure out the number for a fair buyout? Also, once I agree to a buyout does that make the current lease null and void? Meaning if I find a new location, would I be breaking the lease if I leave before december 31st? Thanks
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8/3/2013
Law Pro
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The "magic number" what's a number high enough to compensate you and even gouge the landlord some - but a number that the landlord will agree to???


That's the question.

Basically it's all "supply and demand".


I would look around and see what it will cost you in rent somewhere else - certainly a little bit more than what the going rate is for that period of time is a reasonable number.

I would also consider the loss of business profits you will suffer during the move.

You can't consider or compare your situation in a mortgage foreclosure because you don't have the same situation because you aren't in a foreclosure and redemption timelines and cost to evict.


So about your only cost computation is to compare what additional rent you will have to pay somewhere else - double that difference and add to that the moving costs, change over of the utilities, paperwork and office supplies, etc..

That's usually a reasonable demand to the landlord.

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Customer reply replied 4 years ago

This question is for Law Pro,


thank you for the answer to the first part of my question, however you did not comment on the second part which was "Also, once I agree to a buyout does that make the current lease null and void? Meaning if I find a new location, would I be breaking the lease if I leave before december 31st?"


 


Thanks

I'm sorry. I got caught up in the first part of the question.


"once I agree to a buyout does that make the current lease null and void? Meaning if I find a new location, would I be breaking the lease if I leave before december 31st?"

Yes, if unless you are constructively evicted and can't operate your business OR you can't negotiate as part of your agreement with him as to your "cash for keys" a date certain and in writing agreeable as to a termination date.

Constructive eviction = The disturbance, by a landlord, of a tenant's possession of premises that the landlord makes uninhabitable and unsuitable for the purposes for which they were leased, causing the tenant to surrender possession.

Constructive eviction arises when a landlord does not actually evict but does something that renders the premises untenantable. This might occur, for example, where a tenant vacates an apartment because a landlord turns off the heat or water.

[legal-dictionary.thefreedictionary.com/Constructive+Eviction]


So, unless the landlord and you can agree OR the landlord constructively evicts you - you are liable as per the lease term.
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