In the event of death

[cjm]

In the state of TN what are the standard terms in a commercial lease in the event of death of the landlord? What protection does the lessee have? Will ownership change of the property void the lease?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by cjm:
In the state of TN what are the standard terms in a commercial lease in the event of death of the landlord? What protection does the lessee have? Will ownership change of the property void the lease? <HR></BLOCKQUOTE>

The standard terms should be as set forth in the standard TN commercial lease agreement. Normally, in the event of death of the lessor, the lease remains intact and is not voided. In some rare instances, the lease can be changed if the lessor say is the only individual guarantor on a bank mortgage that is secured on the commercial property. In the event of a foreclosure default, the courts may appoint a commissoner who acts as the landlord and may cancel, renew and/or renegotiate the exising leases by specific court order.