Question
Assume that your company signed a 10-year lease and you signed a personal guaranty guaranteeing all the rent payments. The landlord gave you 6 months'
Assume that your company signed a 10-year lease and you signed a personal guaranty guaranteeing all the rent payments. The landlord gave you 6 months' free rent to give you time to complete the build-out. Unfortunately, due to unexpected delays in getting City approvals, you have used up your 6 months' free rent period and already spent the $1 million, and you are still many months away from completing the build-out. Rent is now due and you have no more money to pay it. Which of the following should you do first ?
a) Review the lease to determine your legal rights and obligations
b) Go back to your investors and ask for more money
c) Beg the landlord for more time to complete the build-out
d) Put the company into bankruptcy
e) Flee the country!
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
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