Legal Question in Real Estate Law in New York

lease assignment

Hello,

I sold my business to a person who assumed the remainder of my 5 year lease to the landlord. The landlord agreed to

the assignment and there is about 3 years left on the lease. The current tenant has not paid the rent for about 3 months. If the current tenant does not pay the rent, am

I responsible for it. If i am, that what legal recourse do i have. I do not want the commercial property back. The

commercial property in question is a hair salon.

Thank You


Asked on 2/04/03, 10:04 pm

3 Answers from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: lease assignment

It depends upon the wording of the assignment. Unless you were released from liability for the balance of the lease, the landlord could look to you for payment.

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Answered on 2/05/03, 6:01 am
Lisa Breier Urban Breier Deutschmeister Urban & Fromme

Re: lease assignment

You need to look at the language of the assignment. If the assignment did not release you from the lease, then you remain liable. If the assignment did release you from the lease, then you should have no further issues.

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Answered on 2/05/03, 9:24 am
Michael Paradise Law Offices of Michael S. Paradise

Re: lease assignment

The answer to your question depends on the language of the assignment and assumption. The landlord might have a legal right against you and claim that you retain liability. If the lease was in a corporate name and you did not sign a personal guaranty, then any claim the landlord makes would have to be brought against the company. If the landlord does sue you, you can make an indemnification claim against the assignee who purchased your business.

This response does not constitute legal advice; is only for informational purposes; and no attorney/client relationship has been established.

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Answered on 2/05/03, 10:35 am


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