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Updated 6 months ago on . Most recent reply

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Eileen Baston
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Representing Landlord - Tenant selling business. Language for new lease

Eileen Baston
Posted

I represent Landlord in shopping center with multiple tenants.  Barbershop tenant is selling his business to another barbershop. Landlord has approved.  I will draft new lease.  However, current Tenant has one year left on his lease to be assumed by new tenant. Assignment is in place.  Do I treat this like an entirely new lease with new tenant? Do I include language in new Lease or is this just covered in the Assignment and include the Assignment as an exhibit...Do I just work off the original lease with original Barbershop tenant.  This is is new to me.  Thank you for any guidance.  

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

Are you simply assigning the current lease (1 year left) or are you writing an extension for a longer term beyond the one year in addition to the assignment? If extending for a longer term I would simply write the longer term, particularly if you are adding different terms.

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