Legal Question in Real Estate Law in Illinois
I am in the state of IL (Naperville) and I am considering breaking a commercial lease on which I signed a Personal Guarantee. What responsibility will the landlord have in attempting to rent out my space, and what exact liability will I have to the landlord?
1 Answer from Attorneys
Thank you for your question. If you break the lease, you will be liable for the full amount of the lease plus the costs associated therewith - e.g., attorneys fees. Your landlord is under no obligation to lease the space in some effort to mitigate his damages. Is there any reason that you are breaking the lease? Perhaps if there were some grounds to break it you may be able to argue a defense and minimize your damages.
Feel free to email me if you have any further questions. I am located in Naperville. [email protected]
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