QUESTION
I need to ask whether or not I should even seek legal advice concerning this. We a commercial bldg. and our tenant signed a 6-10 year contract.
Asked on May 11th, 2012 on Business Law - Kentucky
More details to this question:
We were responsible for part of the construction before they occupied it. Anyway, they had a architect that delayed our beginning our part. There is a clause in the lease that gives the tenant 3 free days of rent for everyday we were late with our portion. It was delayed again because of the architect which caused a trickle down effect. He has been open for business since March 23 and says he has until October 6, 2012 till he needs to pay. It''s $5,500 per month and I want to know if this is worth moving forward?
1 ANSWER
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Your question is not readily understandable. The lease presumably says what it says, and you agreed to it. Unless you have an "out" for delays occasioned by the tenant's landlord, then the completion of construction determines when rent starts and the magnitude of the tenant's rent concession. Obviously, you should have had the lease reviewed by an attorney before you signed it and made yourself subject to the delays caused by the tenant's architect. Perhaps you should do so now.
Answered on May 11th, 2012 at 6:30 PM