How can I breach a leasing contract without penalty for the remaining duration of the contract if my business failed?
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How can I breach a leasing contract without penalty for the remaining duration of the contract if my business failed?
Asked on February 24, 2012 under Real Estate Law, Tennessee
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
One possible way to mitigate any damages that you could be assessed by your landlord for not paying rent for your failed business is to see if your landlord would simply sign an agreement with you ending the lease by a certain date where the landlord could then try and rent out the premises to someone else.
If that does not work, you can try and sublease out the rental to a third party for the balance of the time period remaining under your lease.
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