Negotiating lease for space in the building

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Reference no: EM133812389

Question

Your client Scott Whitfield calls you with a few lease questions. He reminds you that he owns a commercial building and explains that he is negotiating a lease for space in the building. The tenant under the new lease is supposed to have possession of the premises on January 1, 2025. The existing tenant - a company called TSC Corporation - is in possession of a lease pursuant to a lease agreement that began on January 1, 2017 and ends on December 31, 2024. The lease agreement with TSC Corporation provides that any breach of the lease agreement, including, a holdover allows TSC Corporation to re-enter the premises, change the locks, and remove the tenant from the premises. Whitfield is concerned that TSC Corporation may not exit the premises on time because he heard that the location where TSC is moving into may not be ready for occupancy by TSC. Whitfield wants to know the following: (i) what his obligation and liability to the new tenant is, if any, if TSC Corporation stays in the premises beyond December 31, 2024; (ii) if there is a risk of liability to the new tenant, can Whitfield negotiate anything into the new lease agreement to protect the landlord with respect to the new tenant (including from this issue arising again in the future with respect to the new tenant not leaving the premises on time), and (iii) what he can do, if anything, to get TSC out of the space quickly, if necessary, should TSC holdover.

Reference no: EM133812389

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