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My business signed a 3 year lease for an office space with a

Customer Question
possession guaranty that I'm looking...
My business signed a 3 year lease for an office space with a possession guaranty that I'm looking to end early. This is otherwise known as the goody clause, an obviously I had them add this rider in case I wanted out. We have a left a 4 month deposit and are dealing with an extremely difficult landlord. Since we signed the lease, the company we have signed on the lease has shut down and we are now operating under another LLC. What is the best way to proceed and get your deposit back as well? Should we just stop paying rent for 4 months and leave, or try to go by the rules of the Possession Guaranty and pray we get the deposit back? thanks
Submitted: 1 year ago.Category: Real Estate Law
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8/30/2016
Real Estate Lawyer: KimberlyLaw, Attorney and Real Estate Broker replied 1 year ago
KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4,219
Experience: 13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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Hello, my name is ***** ***** I am happy to assist.

What isn't clear to me is whether this new LLC purchased the old LLC. I am also not clear if you have a "personal" guarantee on this lease.

That would be helpful in answering your question.

Thanks

Kim

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Customer reply replied 1 year ago
The company that initially signed the lease was a corporation called Shuttlecraft Inc. We had started a new company as an LCC called Shuttlecraft TV (Which was better for tax purposes) that we operate now, and stopped using the old company name.
They had removed a personal guarantee from the contract, and there is a section for NO PERSONAL LIABILITY, and included a rider for Possession Guarantee...Does that help?
Real Estate Lawyer: KimberlyLaw, Attorney and Real Estate Broker replied 1 year ago

Thank you, ***** ***** helps.

Ok, what you need to do is assign that lease from Shuttlecraft Inc to the new LLC. As long as there are no clauses in the lease that say that you can't assign, that shouldn't be a problem. This can be a very simple document, that simply states that all the relevant terms are stated in the lease, refer to it by date, address, signatories, etc. and then have it executed by the owners. That should allow you to have the lease govern your relationship between the LLC and the landlord.

If you want to leave 4 months before the lease ends, the best course of action is to communicate with the landlord first about this. A personal conversation is the best start, and just feel them out and see what they want to do. Maybe they are thrilled to get it back early and are willing to give you your deposit back. There is no harm in the discussion, because even if they know this is your hope, if you end up staying and paying rent those 4 months, they have no grounds to keep your deposit.

So give it a shot and see if you can get an agreement to release you from the lease and get back your deposit. If not, I would not simply leave if you want the deposit back. If you are willing to risk the deposit for the sake of not paying those 4 months, then that is an option, but do keep in mind that the landlord would have legal grounds to come after you for those 4 months due.

Let me know if you have any questions about this.

Thank you

Kim

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