Generally, other than express terms in a contract that allow for termination, the only excuse for non performance is impossibility. Thus, if the contract required that you borrow $10 million dollars and you clearly are not able to, your performance might be excused as impossible.
Leases are straightforward contracts. In exchange for occupancy, the tenant must pay timely rent and comply with other terms in the lease such as maintenance and noise restrictions. Accordingly, mere insufficient income neither permits continued occupancy, nor excuses the balance owed.
I trust this has been helpful, and, if you live in the Delaware Valley, feel free to call or email on a free initial basis.
Best Regards,
Matthew R. Nahrgang, Esquire
35 Evansburg Road, Ste 400
Collegeville, PA 19426
(610) 489-3041 o
(610) 489-3042 fax
nahrganglaw.com
Answered on Dec 13th, 2021 at 9:04 AM