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I took over a lease on a building gym that I thought was…

Customer Question
I took over a lease...
I took over a lease on a building for a gym that I thought was more profitable then it has been. I am still in the lease for 2 more years but I am losing big dollars trying to make payments. I do not want to go bankrupt. I want to close the business but the landlord is not allowing me to get out of it. Do you know if I close shop if he could come at me personally?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 1 minute by:
2/16/2016
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,094
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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When you took over the lease, did you sign for it personally or did you have a business like an LLC or a Subchapter S corp and signed as a member or officer?.

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Or did you just move in and pay the rent under the old lease to the landlord without actually signing anything?

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thanks

Barrister

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Customer reply replied 2 years ago
We were just getting the LLC set up so he required us to signed it personally. I have asked several time to change it in the Corporation name but he is short to help.
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago

Ok, then you are stuck on the hook her personally if you signed in your personal capacity if you were to default and the landlord could sue you for the balance of the lease if you defaulted.

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And, unfortunately, since this is a commercial lease, he has no duty to try and re-rent if you just closed down and he can just leave it empty and then sue you for the rest of the lease payments.

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience, even when I know the answer doesn’t make the customer happy...

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.

thanks

Barrister

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