Getting out of commercial lease

[shopkeeper]

My family is being transfered across country and my silent partner wishes to buy me out of a store. In applying for a loan she was told we are paying $800 month over better store sites. She spoke with the landlord and he does not appear to want to renegotiate the lease and instead, hold me to a 5 yr lease. The business is struggling and could easily go out of business. Is this my only avenue to cancel the lease? What are the consequences? Do I send him a certified letter in lieu of rent next month giving him notice that I am unable to pay the rent? Am I liable to him for rent until it is released? Other properties in the shopping center are vacant and have not been rented in 3 months. He has let others out of their leases but appears to think he can bully us on this one. The transfer is not a government job. Please help.

 

[Marcia M]

The law does not protect people who voluntarily but stupidly signed leases at more than market rents.

The landlord has no motivation to let you out of the lease and every reeason to hold you to it as long as he can, unless he's afraid you will go bankrupt and get out that way.

 

[shopkeeper]

Marsha,
In our small community three new large shopping malls have been built in the last year. This causing many vacancies in the older centers that wern't there before. I would however appreciate some good advice. <BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Marcia M:
The law does not protect people who voluntarily but stupidly signed leases at more than market rents.

The landlord has no motivation to let you out of the lease and every reeason to hold you to it as long as he can, unless he's afraid you will go bankrupt and get out that way. <HR></BLOCKQUOTE>