Breaking A Lease
Hi, I own a business in northern NJ and business is really slowing down and, it's getting harder to pay rent....my lease is for another 8 yrs...besides selling, what are my options of getting out of this? please help
Probably the best thing you can do is find a replacement tenant and go to your landlord get him to sign a lease with the new tenant.
Who is the tenant, you or a corporation? What is the nature of the business? What sort of "store" is it? Is it your business that is slowing down or the economy in the area in general?
I would assume you had a provision in your lease that if your business closed that your lease would be voided. You MUST haved some sort of an out. Reread your lease and I am sure there is some way you can terminate the lease early.
You should however start by talking with your landlord - perhaps they would actually like you out and would be glad to end your lease early. Remember good communication is a 2 way street.
If they won't work with you, then consult with a local real estate (commercial focus) atty and have them find the cheapest way fro you to break the lease.
Hi
thank you for the advice. It's a triple net lease. I have 8 yrs left on it. It's a dollar store...i have the customers and the demand just no cash flow to increase inventory w/o investing my own money...it's a really big store so I need alot more inventory to make ends meet...