Legal Question in Landlord & Tenant Law in California
How do I get out of a personal guaranty
I have a restaurant in a leased space. The restaurant has been in business for nearly 2 years. We've been in the red the whole time and its time to get out. How can I get out of this personal guaranty. I have 6 years left on the lease.
1 Answer from Attorneys
Re: How do I get out of a personal guaranty
You have only two "outs".
First, with the landlord's approval, sublet to another tenant for the six year's balance, or even better find someone willing to negotiate new deal with landlord and replace you.
Two, negotiate directly with landlord to buy yourself out of the lease. Maybe, if you sweeten the deal enough, the landlord will let you off the hook.
Of course, I haven't covered less palatable options such as bankruptcy.
Good luck!
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