Legal Question in Business Law in Philippines
I recently found myself in debt because of the recent typhoon and as a result I have no choice but to give up my office. My office has no pre-termination clause and urges me to continue with the rent even if I don't have money to pay them. What shall I do?
2 Answers from Attorneys
You can pre-terminate it subject to the provisions of the lease contract involving penalty.
I am sorry for your loss. The Lessor cannot force you to continue renting the office if you cannot anymore afford to pay the monthly rentals. Your security deposit, if you have any, cannot even be used to pay for your unpaid rentals, absent of any provisions to that effect. But do not worry, I am sure you can bounce back from this temporary setback.
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Regards,
Alex
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