What are the remedies of a commercial landlord?

Distress is a remedy that permits the landlord to seize and sell the goods of the tenant (or other parties that are responsible for paying the rent) that are located on the leased premises in order to satisfy any existing rental arrears. Distress is not available if the lease has been terminated.

What happens if you default on a commercial lease?

Sometimes, it is better to be up front with the landlord and explain your situation. No doubt your landlord would also be keeping a keen eye on the market and would rather take a lesser amount in rent than having a defaulting or bankrupt tenant and vacant premises. The commercial lease contains the procedure for an assignment.

Can a landlord sue a tenant for damages?

A landlord may wish to sue the tenant for damages resulting from the tenant’s breach. This is accomplished by commencing a Court action or application. This approach is beneficial if the tenant is financially stable and the landlord wishes to keep the tenant in the premises.

What’s the best way to end a commercial lease?

If you have a business with goodwill attached, it is best to try and find a buyer for the business and enter into an arrangement to assign your commercial lease. In the usual course, the incoming tenant will take on the obligations of the lease including payment of the current rent.

Can a court enforce a commercial lease agreement?

Generally, anything included in a commercial lease is enforceable unless it is illegal or the term is too vague for a court to enforce it. What If the Landlord Wants to Change the Lease?

Who is a tenant in a commercial lease agreement?

A commercial lease agreement is a contract for a business to rent an office space or other business property from a landlord. The term ‘commercial’ simply means that the lease is for business activities rather than housing. A commercial tenant can be anyone from a sole proprietor with a small, growing business to a major multinational corporation.

Sometimes, it is better to be up front with the landlord and explain your situation. No doubt your landlord would also be keeping a keen eye on the market and would rather take a lesser amount in rent than having a defaulting or bankrupt tenant and vacant premises. The commercial lease contains the procedure for an assignment.

What happens if there is a dispute about the lease?

If the tenant and landlord can come to a mutually beneficial agreement, tenants may also be able to modify the existing lease. This is essentially a new lease even though the modified lease agreement may refer back to the original lease. What Happens If There Is a Dispute about the Lease?