Lease negotiation help
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I need to know more information regarding "personal guarantees". How easy are they to enforce? How long do they exist? Waht is a better option for me as the lessee?
Thanks!
Renee
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As a tenant you want to avoid this if possible. This allows the landlord to come after you personally if your business (llc, corp,etc) goes under. This is in place for the term of the lease. It can either be negotiated out of the lease or limited to a certain number of months or years in the lease. If the landlord has had trouble leasing the space or it has been on the market for a while, you may have a stronger position to negotiate this out or at least limit the term.
Hope this helps.