How can I get out of office lease with 12 months left if I can no longer afford it?
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How can I get out of office lease with 12 months left if I can no longer afford it?
I need to down size, can’t afford current rent, landlord isn’t willing to work with us.
Asked on September 22, 2011 under Real Estate Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
That is a tough one. I would take the lease to an attorney to review on your behalf. You obviously know that you have the "option" to breach and walk away - although that really is not an option - but the reason I state that you should have some one read it for you is to see if you can possibly sub let the space entirely or in portions. Entirely is either allowed or forbidden under the lease or allowed with approval (which maybe could be pushed if at forst it looks like "forbidden"). Some times you can rent out an office with in a suite of offices so long as your rental agreement allows it. So you need to see what your options are. Otherwise, you may be stuck. Good luck.
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