yet another commercial laundry contract to get out of, HELP!

[Jorge Magana]

Hi everyone. Long time reader, first time poster here. I bought a 10-unit multi-family building as an REO in the South Florida region with a commercial laundry contract in place. It's just one washer and one dryer in a small laundry room the building has in the back. When I finally got a hold of the company operating the laundry machines (after a few months of them coming by just to get the money and paying zero to us or the old owners), they sent me the a copy of the contract which (oh what a surprise) is an extremely predatory one. Somehow, the previous owners signed it with a term of 8 years AND no right of refusal to 3 additional terms of 7 years each. Crazy. I get the feeling that no court would uphold a contract as predatory as this. As was to be expected, they are not interested in renegotiating the terms of the contract, and their attorney advised to not take any further action to try to get them out.

Any advise on how to get these people to just take their machines and leave? Considering I haven't received any money from them and considering this is an 'inherited' contract, is there a way out? Knowing what type of company they are, I really want to have nothing to do with them.

Copy of the contract here:

https://drive.google.com/drive...

Thanks in advance!

[Colleen F.]

@Jorge Magana not sure how to get out of it but it looks like they are in breach of the lease by not paying you because they have to pay a minimum of $1.00 and they are supposed to pay quarterly.  You probably should talk to a lawyer who can advise how to terminate the agreement.  I am not sure if the option to extend means you have to let them extend.