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Representing Landlord - Tenant selling business. Language for new lease
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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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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.
New Tenant has completely new terms - 10 year term:
