6.
Re: BEHIND ON MY COMMERCIAL LEASE NEED ADVICE Jan 14, 2008 4:45 PM
In most juristictions, you'd be served with a 30 notice to vacate -- meaning you'd have 30 days to close the store and get out once the notice was served. Your lease would spell out the terms of how far behind you can get on your rent before the landlord could serve notice, but whether you understand the terms in the lease or not, I'd just assume you're already past that point. There's no "rule" on how quickly after that a landlord must take action to serve and evict you -- it generally depends on whether your commercial space is in demand and on how well it's being maintained. It sounds as though there are no other prospects who'd want to lease it anyway, and that you are taking good care of the shop (not letting the property value decline) -- that's probably why the landlord has been patient so far. My main suggestion is to keep in touch with the landlord -- pay what you can, even if it isn't the full amount. With that much empty space around you, they'll probably figure that something is better than nothing, so long as you're keeping the place up. (But also be aware that the whole complex may be on the market, and if it sells, you'll probably get your 30day notice soon after.)
I hope this helps, and I hope you recover and get back on track soon. Best wishes.