Breckbuster
Junior Member
What is the name of your state? Colorado.
Riddle me this... I negotiated a step lease for my retail store. Increses were determined by square foot, and went up dramatically in later years. From $12sq/ft in year one up to $23sq/ft in years 4 & 5. Honestly I doubted I could last 5 years! I did express concern about the high rent in later years during negotiations and the property manager said "we could always renegotiate something later" I'm aware the contract IS the deal and what he said is irrelevant to the contract.
My question is this, my monthly rent in year 1 was around $2,000. Over the course of the past 5 years I was never asked (nor did I volunteer) to abide by the terms of the lease and pay these annual increases in rent. Being absent minded and very dissorganized I must have forgotten the specific details of the final agreement (we went back and forth a few times).
I'm now getting ready to sell the business and quite frankly I would like to know how much I get to keep! Does the landlorlds acceptance of the $2,000/month, without Ever aven asking (orally or otherwise) for the actual rental amount, constitute some type of legal mumbo jumbo (like a fancy Latin word for "acceptance")???
I never personally guaranteed the lease so I'm not worried about being sued personally for the shortfall. I'm just exploring what if any leverage I may have if I'm presented with a bill for unpaid rent just when I nail down a deal!
Having said all that, you guys probably have a simple 2 word answer! But its worth a shot!
Thank you in advance! I'm new to this site but I love these forums. You guys are great
Riddle me this... I negotiated a step lease for my retail store. Increses were determined by square foot, and went up dramatically in later years. From $12sq/ft in year one up to $23sq/ft in years 4 & 5. Honestly I doubted I could last 5 years! I did express concern about the high rent in later years during negotiations and the property manager said "we could always renegotiate something later" I'm aware the contract IS the deal and what he said is irrelevant to the contract.
My question is this, my monthly rent in year 1 was around $2,000. Over the course of the past 5 years I was never asked (nor did I volunteer) to abide by the terms of the lease and pay these annual increases in rent. Being absent minded and very dissorganized I must have forgotten the specific details of the final agreement (we went back and forth a few times).
I'm now getting ready to sell the business and quite frankly I would like to know how much I get to keep! Does the landlorlds acceptance of the $2,000/month, without Ever aven asking (orally or otherwise) for the actual rental amount, constitute some type of legal mumbo jumbo (like a fancy Latin word for "acceptance")???
I never personally guaranteed the lease so I'm not worried about being sued personally for the shortfall. I'm just exploring what if any leverage I may have if I'm presented with a bill for unpaid rent just when I nail down a deal!
Having said all that, you guys probably have a simple 2 word answer! But its worth a shot!
Thank you in advance! I'm new to this site but I love these forums. You guys are great