I am looking for an attorney who deals with

Discussion in 'Too Hot for Swamp Gas' started by g8orbill, Aug 18, 2013.

  1. g8orbill
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    g8orbill Gators VIP Member

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    commercial real estate leases- I am selling my restaurant and the landlord does not want to transfer the lease unless I sign a personal guarantee on the rest of the lease-why would I or should I be required to guarantee a lease on a business that I will not own
  2. gatordowneast
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    gatordowneast Well-Known Member

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    Not an attorney Bill but know a friend that made the mistake of doing that and he regretted it. The guy screws up your restaurant and wants to bail and guess who is still on the hook?

    As a last resort, you may negotiate a "buy out" of your signature. Several months rent perhaps. We added about 2000 square feet of office as we needed extra room to support an IBM project...this was prior to 9-11. 9-11 hit and IBMs' project was put on hold, they didn't need us and we were on the hook for $75 K over 3 years for space we did not need. We bought our way out for $15 K. Landlord thought he would double dip and re-lease the space...took him 3 years and he finally leased to "Shaky Rodriguez" and a shyster mortgage firm that lasted maybe 9 months. Sure glad we decided not to try and sublease that space. LOL
  3. MichiGator2002
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    MichiGator2002 VIP Member

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    You want out of the high quality sandwich game, Bill?
  4. GatorRade
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    GatorRade Well-Known Member

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    You are in Lakeland, right bill? A buddy of mine from UF practices that type of law here in Tampa. He's at a well regarded firm, Trenem Kemker, and is himself well regarded there. He's an all around bright guy, and I would put my full trust in him.

    http://www.trenam.com/profiles_listall.asp?profileID=113
  5. Gatorrick22
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    Gatorrick22 Well-Known Member

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    My g/f works in commercial real estate... she reads contracts and leases all the time. If you can assign the lease with a clause saying that assignor has no ongoing responsibility, that's the best way to handle it. You could also try to negotiate a small termination fee, like gatordowneast discusses above. If your rent is below market, the landlord would be better off getting someone new in there just to make market rent.

    Bill, do not sign that contract.

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