Commercial leases can be complex and challenging, especially when it comes to working out a issues in a commercial lease between the landlord and tenant. At Oppenheim Law, our team of experienced attorneys understands the nuances of commercial leases and the challenges that can arise during lease workouts.
In Florida, there are several ways in which a commercial lease can be worked out, including lease modification, lease extensions, lease termination, and lease assignments. Each option has its own legal implications, making it essential to work with experienced attorneys who can guide you through the process and protect your interests.
One option for working out a commercial lease is to modify or amend the terms of the existing lease agreement. This can be done by negotiating new terms with the landlord, such as extending the lease term, modifying the rental rate, or changing other material terms of the commercial lease. This is a good option if the tenant is looking to make changes to the lease but still wants to continue doing business on the property. However, it’s important to note that the landlord is under no obligation to agree to any changes and can refuse to modify the lease.
Another option for working out a commercial lease is to extend the lease term. This is when the tenant and landlord agree to extend the current lease for an additional period of time. This is a good option if the tenant needs more time to operate their business or if the landlord is not ready to find a new tenant. However, it’s important to note that the landlord has the right to approve or deny any proposed lease extension and may require the tenant to pay additional fees or meet certain qualifications.
A commercial lease workout can also involve the termination of the lease. This is when the lease agreement is ended before the end of the lease term. This can happen by mutual agreement between the landlord and tenant, by one party giving notice, or by a court order. It’s important to understand the notice period required for termination and the legal implications of ending the lease early.
Another option for working out a commercial lease is to assign the lease to a new tenant. This is when the current tenant transfers their rights and obligations under the lease to a new tenant. This can be a good option if the current tenant is looking to vacate the property before the end of the lease term, or if the landlord is looking for a new tenant to take over the lease. However, it’s important to note that the landlord has the right to approve or deny any proposed assignment and may require the new tenant to meet certain qualifications or pay additional fees.
At Oppenheim Law, our experienced attorneys can assist landlords and tenants with all aspects of commercial lease workouts. We understand that working out a commercial lease can be a complex and stressful situation, but with our help, you can achieve a resolution that is fair and in your best interest. Our attorneys can help you understand the legal implications of each option and provide guidance on how to approach the commercial lease workout process.
If you’re facing a commercial lease workout and need legal assistance, contact Oppenheim Law today at 954-384-6114. Our team of experienced attorneys will work with you to understand your specific situation and provide you with the guidance and representation you need to protect your rights and interests. Don’t let a commercial lease workout become a legal nightmare.