What to do if Restaurant Tenant wants to terminate a Lease Early?

[Hong Y.]

The restaurant owner of my New Jersey commercial space is looking to terminate his lease early since business isn't doing well and isn't able to find someone to purchase his business. There is currently no exit clause for the tenant and I have 3 months of security deposit.

Also, I'm slightly on the fence on what to do with the restaurant equipment. Not sure if the owner is deciding to sell it or leave it.

Any suggestions on a course of action that would be most suitable in today's time?

[Nathan Taylor]

I would offer to let them out of the lease if you have another tenant lined up. Tell them once a new tenant signs a lease you will end their current one. See if they will help you get the space rented since it would be in their best interest to do so. I rent to a lot of small/new businesses so I get a personal guarantee to encourage them to make every effort to work with me on the process. It's not perfect, but it helps.