Legal Question in Business Law in Florida
rights of a personal guarantor on comm. lease
I sold a small restaurant and held a note secured by equiptment. At the closing the landlord asked me tp sign as personal guarantor because the buyer had poor credit. I did. The buyer is being evicted and is in default with my note as well as the rent.
Does the land lord need to give me the right as personal guarantor to pay the rent and issue me a new lease?
The person in default is trying to ''give'' her lease position to someone else who may try and stiff me for my note and tell me to come get the stuff.
In that case i would like the option to exercise my rights as guarantor and pay the back rent in order to try and sell or run the business so that i can recover the note payment and not be stiffed out of the money.
The person wanting to come in does not want to buy from the person in default because there is a due on sale clause.i feel he may take her position and push me out. Do I have rights? can I stop this?
Thank you
E.
2 Answers from Attorneys
Re: rights of a personal guarantor on comm. lease
Bravo, Mr. Slater.
Re: rights of a personal guarantor on comm. lease
Not unless your guarantee or lease provided for this contingency. Next time use an attorney.
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