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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 38910
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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If a contract that required a 500.0 minimum payment years

Customer Question

If a contract that required a 500.0 minimum payment for 15 years from a lessee and to a lessor was NEVER paid. The contract officially expired on March 2015 but did have a 24 month rofer in the contract. The lessee declared bankruptcy in 2011. The FCC does not recognize a valid contract.
My Question: Can the lessor assign asset without addressing the rofr as the contract defaulted for non payment, unenforceable contract, and literally abandoned by past lesse.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 year ago.

Hello,

Sorry for the delay. Emergency issues in my office.

A breach of contract by one party relieves the other party from further obligation to perform. If you are the lessor, and the lessee has failed to perform, then you can do whatever you wish with the subject matter of the contract (i.e., the asset).

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.

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