Lease Assignment and Subleasing | Boulder Real Estate Lawyer
As a Boulder real estate lawyer James Newell routinely helps commercial landlords and tenants with issues related to subleasing and assignment.
There are innumerable reasons why people need to move out early. In the commercial setting, it could be that a business venture just is not working out like you thought it would, or it could be that you have decided to move on to a bigger and better location to better serve your clients/customers.
Whatever the reason, it is important to consider your options carefully before breaching a lease. Most commercial leases are accompanied by a personal guarantee by the owner of the business that is a party to the lease. An early breach could trigger a liquidated damages provision or result in large actual damages incurred by the landlord.
It is often beneficial to landlords and tenants to work with each other to come up with a mutually beneficial solution. A lease is assigned when, with the permission of the landlord, a tenant transfers the entire unexpired remainder of the lease term to a new tenant. The new tenant has a lease with the landlord and the original tenant is relieved of his or her obligations under the lease. A sublease is similar to a lease assignment except the original tenant remains responsible for the terms of the lease. For example, if rent is not paid by a subtenant, the landlord could seek payment from the original tenant, the subtenant, or both.
If it is worth doing it is worth doing right. If you are in need of a real estate attorney to draft or negotiate a lease assignment or sublease, do not hesitate to call Newell Law today to see how we can help.
If you need a commercial lease assignment or sublease to be drafted, negotiated, or reviewed, and are looking for a Boulder Real Estate Lawyer with a results-oriented approach tailored to your matter’s specific needs, contact Newell Law. We have the expertise and knowledge to ensure your commercial subleases and assignments are handled correctly.