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Hello.. Newby to the forum. I have a tenant owns a franchise company and that renewed his lease a few months ago. He has now sold his business to another company. Same franchise. The original lease is in the franchise name but there's a personal guarantee statement for monthly rent payments. It is signed and notarized by the business owner. Am I obligated to continue the original lease.? Or is it now void and I need to start a new lease with the new franchise owner?. Thank you much. JS Brown Raleigh NC
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I agree that you should probably see an attorney, since you are not familiar with the process required to do a lease "Assignment" in which it changes over to the new franchisee, but leaves the original on the hook in case the new one
defaults.
Hello.. Newby to the forum. I have a tenant owns a franchise company and that renewed his lease a few months ago. He has now sold his business to another company. Same franchise. The original lease is in the franchise name but there's a personal guarantee statement for monthly rent payments. It is signed and notarized by the business owner. Am I obligated to continue the original lease.? Or is it now void and I need to start a new lease with the new franchise owner?. Thank you much. JS Brown Raleigh NC
Are you the building owner or a property manager for the building owner?
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