Legal Question in Real Estate Law in New York
Breaking a 5 year commercial lease early
I signed a 5 year commercial lease
last July. Our business has taken
quite a hit since the financial disaster
struck, and are now looking to
downsize. We definitely do not want
to be in our current space much
longer. What options do I have, and
how much will I be on the hook for if
the landlord does not rent the space
for a while? I signed a ''good guy''
guarantee, but I'm pretty sure that I
am only on the hook personally if we
refuse to move out, is that correct?
Asked on 2/23/09, 4:47 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: Breaking a 5 year commercial lease early
Under a good guy guarantee, the guarantor continues to be personally liable upon tenant's failure to vacate the premises.
Mike.
Answered on 2/23/09, 4:52 pm