I am looking for an attorney who deals with

Discussion in 'The GatorTail Pub' 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
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  2. bakaduin
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    bakaduin Super Moderator

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    You selling all your Firehouse subs or just one?
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  3. G8trGr8t
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    G8trGr8t Premium Member

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    is the lease assignable or is it silent on the issue?

    who authored the lease

    not an attorney
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  4. g8orbill
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    g8orbill Gators VIP Member

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    this is my last one baka- I am retiring

    Gr8t- lease was written by landlord(they are one of the largest commercial real estate firms in country so I am sure they used an attorney) and yes it is assignable but they want me to stay on lease as a guarantor- guy who is buying store is a multi millionare
  5. Jaggator
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    Jaggator Well-Known Member

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    The best answer is for their benefit only.

    Rule #1 in business = NEVER sign a personal guarantee

    I use to work with advertising contracts years ago and although there was a personal guarantee line on the contract every smart small business owner refused to sign it. What was the newspaper going to do if they didn't sign the personal guarantee?...Not except their ongoing business...Heck no but you'd be surprised at some that did sign it. So why not try. Usually it is standard procedure to try and get the client to sign but don't because you are then making it easier for them to come after you personally if the other party fails to pay them.

    My advice is if they won't accept your answer that you're not signing the personal guarantee, then by all means get an attorney Why?...Because "unlimited and unconditional" guaranty means they could go after assets in your name, joint accounts, and joint assets (cars) that you have in your name.
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  6. Gatorrick22
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    Gatorrick22 Well-Known Member

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    I wouldn't sign it.

    I posted on this in another forum.
  7. g8orbill
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    g8orbill Gators VIP Member

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    rick- I do not want to sign it-however I have to find an attorney who can help me fight it as they refuse to assign the lease to the new owner unless I sign it
  8. ajoseph
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    An attorney CANNOT advise you without reading the actual lease. There is no other way around this. Too many "ifs" and uncertainties to really give you any meaningful advice.
  9. g8orbill
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    g8orbill Gators VIP Member

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    which is why I am trying ti find an attorney- so they can read the lease and advise me
  10. ajoseph
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    ajoseph Premium Member

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    Send me a pm tomorrow and we can schedule time to discuss.
  11. Gatorrick22
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    Gatorrick22 Well-Known Member

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    Can you get a copy of it, Bill?
  12. The_Ultimate_Gator
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    Not a lawyer, but this sounds like a bad idea.

    [​IMG]
  13. bakaduin
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    bakaduin Super Moderator

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    Congrats on retirement big guy!
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  14. g8orbill
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    g8orbill Gators VIP Member

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    thanks baka

    and thanks Mr Joseph for your advice
  15. G8trGr8t
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    will the guy buying the business personally guarantee it or attach one of his other entities with assets to it?
  16. g8orbill
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    g8orbill Gators VIP Member

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    buyer also is signing a personal guarantee
  17. Speedofsand
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    Speedofsand New Member

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    Tell them they are nuttier than a squirrel turd if they think you are signing it. If the buyer is signing one, why should you?
  18. Gatormb
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    Gatormb Well-Known Member

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    Ok, just thinking out loud, they don't assign the lease. What do that do to the sale? Void it?
  19. G8trGr8t
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    if they want to renegotiate already defined assignable rights you should be able to do the same. Has occupancy rates dropped? Is current rate lower than lease?
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  20. g8orbill
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    g8orbill Gators VIP Member

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    could get very sticky as all other stuff has already been set up to transfer to new owners-guy who is the money behind it is EXTREMELY wealthy and owns numerous other businesses- got an email from his attorney about 30 minutes ago telling me they will get it handled-we shall see

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