Legal Question in Business Law in Minnesota

Landlord will not let us sell our Restaurant.

My Brother and I own an Austrian Restaurant and we need to go back home after one year because of a financial Issue back Home in Austria.

We met with a Commercial Real Estate Agent and singed with her to sell our Restaurant.

After sitting down with our Landlord and explaining our Situation he told us that he will help us out where ever he can and will help us find someone that will buy the Restaurant.

He even mentioned that he will draft a Letter that says that we will be liable for the Rent until the Restaurant is sold.

We told him when we will have to close and when we will have to go back home.

After asking him about the draft of the document the Manager told us that we can not sell the Assets of the Restaurant because it is in a Lien.

Why did they agree about us selling the Restaurant 2 Months ago and now they tell us that we can not do so?

This looks like they just wanted to wait until we have to leave and then take over the Restaurant because they know that we can not do anything about it once we are back in Austria.

Is there something we can do?

Sincerely

Thomas


Asked on 2/23/10, 1:21 pm

1 Answer from Attorneys
David Anderson Anderson Business Law LLC

I would need to review your Lease to advise you, but generally Leases have an Assignment clause which permits assignment to another party ( like a new owner) if they are of similar or better creditworthiness as the original tenant.

It sounds like you have some time constraints, so call me Monday AM if you wish to discuss your options further.

BTW- Ich spreche Deutsch.

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Answered on 2/28/10, 2:00 pm


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