When you sign a commercial lease, it’s safe to assume that you’re okay with the terms and conditions. While you have every intention of living up to your end of the agreement, you know that things can and may change in the future.
If you find that you need to escape a commercial lease early, it’s imperative that you know your legal rights and the steps that you should take.
One of the first things you should do is review your lease to get a better idea of what’s expected of you. There’s a chance that you could find language that allows you to exit your lease early, all without much hassle.
Moving on, you should prepare an exit strategy. This outlines the steps that you’re going to take, to ensure that you don’t do anything to make your situation worse.
If you think about it up front, you should include an exit clause in your commercial lease.
From there, especially if you don’t have an exit clause, you’ll need to negotiate with the landlord. It’s important to keep an open mind and remember that your end goal is to escape the lease as quickly and inexpensively as possible. For instance, you may be able to help your cause by finding a replacement tenant.
If all else fails, you always have the right to leave the space and deal with anything that comes your way. While your landlord could come after you for past due rent, he or she also has the duty to search for a replacement. In the meantime, you can create a plan for paying what you owe (or hopefully less through continued negotiation).
Exiting a commercial lease can be every bit as complicated as entering into an agreement. This is why you need to know your legal rights and take steps that will allow you to avoid complicating your situation to a greater degree.
You hope that you never have to exit a commercial lease early, but if you find yourself in this position there’s no point in wasting any time. You need to take action and see where you end up.