I have a commercial lease. I am the tenant (my company).
Property was sold.
Lease was very simple and was between my company and the landlord as an individual. It does not mention heirs or assigns, just him.
Now that he has sold, he no longer owns the property...but my lease says I need to keep paying HIM, specifically, rent.
I want to leave or renegotiate rent.
Do I have to stay if the lease does not state that he can assign the lease to others....can they kick me out before the end of the lease? Are we now on the 30 day notice basis by default?
Anyone in the know?
I write lots of contracts and usually assume that proper use of simple language will do and it has...so my simple interpretation is that he no longer owns the property and thus cannot lease to me, I do not have any kind of agreement with the new landlord.
As an owner of commercial retail property I would say you are correct that you do not have a lease with the new owner. I would not pay rent and wait for the new owner to either tell you that he doesn't want you there or negotiate a new lease. If it is your desire to definately stay then I would contact the new owner and let him know you want to negotiate a new lease. HOpe this helps. pm me if you have other questions.
