Our tenant (who is on a 3 year lease) has given us advance notice that they do not wish to renew their lease when it expires in 2010. They have assured us that they will fulfil their obligations for the balance of the lease period but are willing to move out immediately if another tenant is found. Their Head office is in another city.
1. Is it our or the existing tenant's obligation to find a new tenant? Who pays the commission etc?
2. Is it in our best interest to find a new tenant now rather than later?
3. Does the existing tenant have any say in the process?
4. Would we be best to have a new tenant:
a) take over the existing lease as is,
b) take over the existing lease with variations e.g. to extend term, or,
c) and a new lease
5. We understand that if the existing lease is assigned to a new tenant the existing tenant remains liable for the rent for the balance of their lease term if the new tenant fails to pay. Is this the case if the existing lease is altered or a new lease is drawn up?
1. Is it our or the existing tenant's obligation to find a new tenant? Who pays the commission etc?
2. Is it in our best interest to find a new tenant now rather than later?
3. Does the existing tenant have any say in the process?
4. Would we be best to have a new tenant:
a) take over the existing lease as is,
b) take over the existing lease with variations e.g. to extend term, or,
c) and a new lease
5. We understand that if the existing lease is assigned to a new tenant the existing tenant remains liable for the rent for the balance of their lease term if the new tenant fails to pay. Is this the case if the existing lease is altered or a new lease is drawn up?
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