Legal Question in Business Law in Illinois

Re: Rental contract

there does not need to be any new contract with the new owners. when someone buys a business and/or real estate, they do so subject to existing contracts, obligations and credits of the previous owner of the land or business. thus, the new owners have every right to enforce your lease and any clauses in the lease (such as the obligation to pay rent). likewise, you have every right to enforce your lease against the new owners and any clauses the lease has. for example, the right to maintain a clean walkway in front of your store might be a clause in the contract. failure of the new owner to provide this is a breach of the contract. further, the previous owner of the mall (the party you signed the contract with) is also liable for all the terms of the contract should the new owner breach. this is true unless there has been a novation. do NOT sign a novation!! hope this helped. justin lampel (847)845-4345

Re: Rental contract

Your old lease remains in full force and effect. The only difference is that the new owner is now your landlord, and has the right to enforce your obligations under the lease. Your prior landlord has almost certainly assigned its rights in the lease the new owner. Both you and the new landlord can enforce the lease. Thus you do not need, and probably cannot even insist upon, a new lease. Nor is the sale a valid reason to leave the premises. You are stuck with the new owners, unless your lease says otherwise, which is unlikely.