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Updated over 2 years ago, 06/01/2022

User Stats

16
Posts
5
Votes
Hong Y.
  • New to Real Estate
  • NYC & Philadelphia
5
Votes |
16
Posts

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

Hong Y.
  • New to Real Estate
  • NYC & Philadelphia
Posted

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?

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