How to best protect him in the event niv defaults

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Reference no: EM131613670

Bill Jones owns a 5 story office building that is 92% occupied/leased. A proposed tenant approached Bill about renting the last vacant space in the building. The proposed tenant New Internet Ventures, LLC, an Illinois LLC (“NIV”) has only been in business for 6 months. NIV has 3 members, all individuals and one member, Mike Smith is the managing member. Bill would like to lease the office space to NIV but due to the newness of this venture, Bill is concerned about NIV’s ability to pay its rent and meet its lease obligations. Bill asks your advice on how to address his concerns and how to best protect him in the event NIV defaults? If Bill was to sue from whom would he be able to seek past due rents and damages if he pursues litigation?

Reference no: EM131613670

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