Breach of contract--Help!!

[vetham@comcast.]

What is the name of your state? Colorado

Two people sign a lease agreement for a 987 sq ft. office space.
Both persons sign their "professional" names as well as "personal" names on the lease.
From the first day the lease is signed, each person sends in a check for their 1/2 of the total rent to the owner/management company.
The lease is until November 2007.
New owners purchased the building although no new leases were signed.
All is honored and carried out as the original agreement that was signed.
ONE of the two persons that signed the lease now states they have to get out of the lease. Previously it was known this individual needed to find someone to "rent" their portion, but has had no luck.
Now breach of contract is happening, and this person is moving their items out of the space by next weekend.
What recourse does the remaining person in the lease have?
Can the remaining person be held responsible, when no contract other than a handshake exists, between the two for renting the space?
Does this person need to be sued? Professionally? or personally? Whom may "sue" this person? Is it the Company the contract is with, or the person remaining on the lease?
Can the Company that owns the property "sue" the remaining tenant for the remainder of the rent?
Should the remaining person pay their portion of the rent as they have always done?
This person remaining cannot afford to pay the "entire" rent now, or for the next 17months. Help!!

 

[divgradcurl]

Now breach of contract is happening, and this person is moving their items out of the space by next weekend.
What recourse does the remaining person in the lease have?
Can the remaining person be held responsible, when no contract other than a handshake exists, between the two for renting the space?

Unless your lease specifically says that each of you is responsible for 1/2 of the lease amount each month, each of you is responsible for the entire amount of the lease, and the landlord can expect to receive the full monthly amount from the remaining tenant.

The remaining tenant might be able to sue the breaching tenant for their portion.

Does this person need to be sued? Professionally? or personally? Whom may "sue" this person? Is it the Company the contract is with, or the person remaining on the lease?

Not sure what you are asking here.

Can the Company that owns the property "sue" the remaining tenant for the remainder of the rent?

Probably, but why would they bother? Most likely they can force the remaining tenant to pay 100% of the monthly payments, and then it's up to the tenant to do the suing.

Should the remaining person pay their portion of the rent as they have always done?

If they want to remain in the place, yes.

This person remaining cannot afford to pay the "entire" rent now, or for the next 17months. Help!!

That's unfortunate, but there's not much you can do other than to try and find another co-lessee, or sublet the place in whole or in part. Read you lease agreement, that will control what happens, but virtually all leases require EACH lessee to be fully liable for the lease, so that the landlord doesn't have to go after each lessee if one breached, they can still get the full rent from the remaining tenant and then it willbe up to the tenant to sue for breach.