Subleases and Lease Assignments
If you are buying a business, you will usually have the existing lease assigned to you by the buyer. This means that you will be taking over a lease with terms that were negotiated by the previous tenant. Sometimes the landlord is open to changing the terms, other times not so it is best to be very thorough with your review of the lease when it is assigned to you to ensure that you are not stuck with a stinker of a lease. We will make sure that the lease suits your needs. Sometimes, a landlord will allow a tenant to sublet a space. While more rare in F&B establishments, the opportunities do arise. Subleases differ from assignments in that in a sublease, the tenant acts as your “landlord” and you have no relationship with the actual landlord. The original tenant is still on the hook. You can imagine the complications.
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Lease Surrender and Release Agreements
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