![]() When subletting, you continue paying your lease to your landlord, but you lease the space to a new tenant, who pays you. In both cases, you find another tenant to pay some or all of the lease. The two primary options are subletting or assigning the lease. There are ways of avoiding default when you either can’t, or don’t want, to continue paying your lease through the end of the term. One is more common than the other.Ĭan I get out of my lease without defaulting? I’ll cover two scenarios that I’ve seen expressed in commercial leases. And, if you think you may default, you should review the possible consequences with your attorney again. That is one reason why it is so important to review your lease terms with an attorney before signing. ![]() The exact consequences will depend on the terms of the lease, local law, and common business practices in your community. For details see this NY Times article: įor people new to commercial leases, it is important to understand the consequences of not meeting this obligation, or in other words, defaulting on the lease. In fact, the financial commitment is so large that new accounting rules were put in place to make sure that financial reporting by public companies reflected this commitment. The tenant is making a much larger financial commitment. ![]() ![]() Commercial leases are generally much longer than a typical residential lease. ![]()
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