Can a sublease be used to sell a restaurant?
The creativity involved in structuring any deal is imperative if name change papers will ever be filed. A restaurant owner anxious to change professions recently asked if a one year sublease, with an option-to-buy agreement, would be a good way to sell her restaurant.
How many restaurants has sublease with option concept stolen?
Thanks to the sublease with an option concept I have stolen restaurants. Three to be exact. Some years ago, I had my eye on a small 50 seat restaurant in Wayzata, Minnesota,the shining city on Lake Minnetonka, 15 minutes from Minneapolis.
What does it mean to sublease a commercial property?
Subleasing Commercial Property. A sublease means to transfer a portion of your rental rights to a third party for a temporary period. You can either sublet a portion of the space while you continue to work, or lease the entire rental unit until the end of your lease or until your return.
Can a subtenant sublease less than fair market value?
Some leases also specify that the tenant may not enter into a sublease at less than the fair market value rent for the space or the rent otherwise being offered by the landlord in the building at the time of the request for consent to the sublease.
Who is responsible for paying the rent on a sublet?
Sublets are also common when a tenant wants to permanently move away before the lease term is up. In a sublet situation, the the original tenant is still legally responsible for paying the rent to the landlord and abiding by all of the original terms of the lease.
What does it mean to sublet a house?
A sublet is when a tenant allows another person, not on the original lease, live in the rental property with the intent of covering all or part of the rent. Sublets typically happen when a renter leaves for work or to travel but still wants to keep living at their rental property upon returning.
What are the lease terms for a restaurant?
First, limit landlord’s right to relocate your restaurant to a designated area, not more than once during the term, not during the first 12 months of the lease, and not during the months of November and December. Second, require landlord to provide 90 days’ notice, at a minimum, of their decision to exercise of this right.
Can a landlord sublet a part of a lease?
The following is a simple addition to a lease that will protect the landlord in subletting situations: Resident shall not assign this lease, or sublet any portion of the leased premises, for any part or all of the term of this lease without prior written consent of the owner/agent/manager.