Lease Abatement & Lease Termination Options for Businesses
COVID-19 is affecting our economy and one of the biggest issues facing businesses right now (other than payroll) is affording their lease and utility payments. Although the federal, state and city governments have ordered temporary moratoriums on evictions to residential and commercial tenants, tenants must be proactive and timely give landlords notice of request for rent or lease abatement and landlords can still hold tenants in default of rent and then prosecute such cases after the temporary stays are lifted. Here are some options available to you now or in the future if you have problems paying your commercial lease expenses:
- Apply for federal and/or state funding to help pay or supplement these costs;
- Request partial or full rent abatement in writing to your landlord (citing important provisions and following the notice provisions of your lease);
- Consider partial or full sublease of your premises;
- Consider early lease termination; and
- As a last resort to stay eviction proceedings and collections, seek a consultation with a bankruptcy attorney for personal or business purposes.
At Villasenor Law Offices, we can assist to provide good legal consultation and help you navigate through these commercial real estate issues. Call us today at 858-707-7771 for a free 30 minute consultation regarding your specific lease abatement or termination issue.