Board Motion To Terminate Business Lease With Option To Buy
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FAQ
Ways out of a leaseYou agree a termination of the lease, usually avoiding any ongoing liabilities to the landlord.You find a tenant to replace you, and assign the lease to this third party. This will probably leave you with some liabilities to the landlord.An alternative is to sub-let the premises.
HOLDING OVER. The act of keeping possession by the tenant, without the consent of the landlord of premises which the latter, or those under whom he claims, had leased to the former, after the term has expired. 2.
Where a tenant 'holds over' under its expired business lease (even if only by one day) and then wishes to terminate the "holding over" lease, the tenant must give the landlord at least three months' notice.
If a Landlord wishes to end a fixed-term commercial lease early due to a Tenant breaching the lease, then they may be able to do so if there is a forfeiture clause in the lease. The procedure for forfeiture will depend on how the Tenant has breached the lease.
You will still be liable under the terms of the lease. Unless you are insolvent, the landlord is likely to take legal action against you to recover any money you owe, and their legal costs. By simply walking away, you are likely to reduce the chances of a new tenant taking over the premises soon.
