Hello, All:
I need your help/advice on the situation as below:
I have small office building. I entered into a lease agreement with Dentist for 7 years (with 5 months free rent). Before lease signs, we were communicating for 2 months and finally on July 1, we signed the lease contract. As this is going to be Dentist office, Dentist submitted Plan to the city through architect to construct dental office (including plumbing, electricity, etc). While waiting for the plan to be approved by the city, the dentist called me and said he likes to cancel the lease agreement. The reason is he is getting quotation from general contractors to build the clinic according to the architect's plan but quotations from contractors are too expensive than he expected. He said that his buget is only 50k but contractors are quoting about 100k.
I researched the law and found out that he is personally liable for the rent loss. But I also found out that he doesnt own any real estate or anything. Though I know that I can win the case from the court, but I wonder whether and how I can enforce if dentist doesn't have any assets.
I know that dentist bought the new equipment now but what if he hides it?
And What if he files a bankruptcy right after the court decision comes out?
But I know that they were preapproved loans for about 180k (I don't think they cashed out it yet). Can I attach a lien on the preapproved loans?
Sorry for so many questions..
Thanks everyone for any piece of advice.
