Assigning a commercial lease
How easy is it to assign your commercial lease to another party? Suppose you want to sell your business to someone and, as part of the deal, they are going to take over the existing lease. The ease with which you can transfer, or assign, your lease hinges on the specific provisions contained in the lease. […]
Who’s liable for damages under a commercial lease?
There are many reasons why a commercial tenant needs to carefully review the provisions of their lease. One reason is captured in the following question: When significant costs arise from unanticipated events, who get stuck with the bill? Most leases contain insurance provisions, requiring either the landlord or the tenant (or both), to secure insurance coverage- often specifying both the type of insurance and […]
Things to look out for in commercial leases
I came across an article on the Bar-Ex website written by lawyer William Poulos, talking about a common commercial leasing issue as it applies to a recent case. When does specific language in a lease override general language, or ‘boilerplate’? Commercial leases are often referred to as “carefree net leases”, meaning that tenants pay for all the […]
Buying an existing business- lease issues
To follow up on my earlier post on buying a business, it is always essential to look at the details of the lease you will be acquiring as part of the business (if the business is on leased premises).
Will the landlord consent to you assuming the lease? For some businesses, the value of the business […]
