i sold my business in November of 2014 and had a pas due balance with the land lord the new company has been paying on time.
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i sold my business in November of 2014 and had a pas due balance with the land lord the new company has been paying on time.
i just received a settlement for the amount i owe however the landlord is only agreeing to settlement if i become a assignor and guarantor on the new lease. my lease is done with this company as of July of 2015. Can they do that? can they not accept my settlement if i don’t sign on the new lease ?
Asked on October 26, 2015 under Business Law, Florida
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If you are paying every dime of what you owe, then they have no right to insist on any additional conditions; paying the full amount fully resolves the claim, and they are not entitled to anything else. However, if the settlement involves paying less than the full amount due, they do not have to accept it--accepting less than all the money due is voluntary, since they have a right to insist on full payment. Therefore, they can put conditions on the settlement, such as that you will guaranty a new lease.
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