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.

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Answered on 2/23/09, 4:52 pm


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