MA
I just moved my salon from a space that we have been renting since 1999. We started our business there and signed a 5yr lease with a five yr option for 1000/mo.
We gutted the whole place and renovated and made a **** hole look very nice. The space was about 1400sq' and the building was old but we made due.
Our business was successful for the first few yrs which I am sure the landlord noticed. Toward the end of our first 5 yrs. in the lease it stated we had to notify him prior to 90 days of the end of our intentions to exercise our option or not.
We did not see that and he called around eighty days out and wanted to know if we were staying and I said yeah. He then said ok the rent is now 2200/mo.
I was pissed because he had us by the b#%&s with nowhere else for us to go so we paid.
We are now going on eleven years paying 2500/mo until april of 2012.
Another space down the street that is newer and bigger and better parking became available so we decided to move before someone else grabbed it so we did. We are trying to sublet our old space because we are tied to it until 4/2012 @ 2500/mo. We are now paying two rents but we felt we had to make the move to better our business. The 2500/mo for the old place is really putting a burden on us at this time. We have had interest in the space but nothing solid. We had a lot of interest from people who want to put a food service business such as subs or coffee shop. The landlord says he doesn't want a food business there because it attracts rodents and bugs. He also has a few apartments that are attached and rented. In our lease it states that he has to be "reasonable" when finding a new tenant. Is this reasonable? He also said verbally at the time of the last signing that he would "take care of us" after we expressed concern about the length and were not sure how long we would be there.
I feel we could have rented it if he allowed a food business in but instead we are stuck paying him for an empty space. I tried talking to him today to reduce the rent or let us go but he is not budging. We are in some serious debt right now and really are week to week. That 2500 I am paying him could really help pay our debt down. I am thinking of filing bankruptcy. Is there any way out of this? I feel like we are sinking.
I just moved my salon from a space that we have been renting since 1999. We started our business there and signed a 5yr lease with a five yr option for 1000/mo.
We gutted the whole place and renovated and made a **** hole look very nice. The space was about 1400sq' and the building was old but we made due.
Our business was successful for the first few yrs which I am sure the landlord noticed. Toward the end of our first 5 yrs. in the lease it stated we had to notify him prior to 90 days of the end of our intentions to exercise our option or not.
We did not see that and he called around eighty days out and wanted to know if we were staying and I said yeah. He then said ok the rent is now 2200/mo.
I was pissed because he had us by the b#%&s with nowhere else for us to go so we paid.
We are now going on eleven years paying 2500/mo until april of 2012.
Another space down the street that is newer and bigger and better parking became available so we decided to move before someone else grabbed it so we did. We are trying to sublet our old space because we are tied to it until 4/2012 @ 2500/mo. We are now paying two rents but we felt we had to make the move to better our business. The 2500/mo for the old place is really putting a burden on us at this time. We have had interest in the space but nothing solid. We had a lot of interest from people who want to put a food service business such as subs or coffee shop. The landlord says he doesn't want a food business there because it attracts rodents and bugs. He also has a few apartments that are attached and rented. In our lease it states that he has to be "reasonable" when finding a new tenant. Is this reasonable? He also said verbally at the time of the last signing that he would "take care of us" after we expressed concern about the length and were not sure how long we would be there.
I feel we could have rented it if he allowed a food business in but instead we are stuck paying him for an empty space. I tried talking to him today to reduce the rent or let us go but he is not budging. We are in some serious debt right now and really are week to week. That 2500 I am paying him could really help pay our debt down. I am thinking of filing bankruptcy. Is there any way out of this? I feel like we are sinking.