How I Help: Maximizing Lease Flexibility
My client Sarah is a proud owner of a successful boutique clothing store for the past 15 years. When her landlord informed her about selling the entire shopping plaza to a new developer, Sarah faced the challenge of relocating her store.
Fortunately, she stumbled upon a promising location with an attractive rental offer for a 10-year lease. As a creative entrepreneur, Sarah admitted that contracts weren't her strong suit, so she sought my assistance to review and summarize the lease terms.
During the review process, a critical detail caught my attention: the lease explicitly prohibited subletting and assignment. However, knowing that Sarah rents out space to fashion and jewelry designers, I negotiated the inclusion of a subletting clause to accommodate her business model.
Considering Sarah's future plans for retirement before the lease term ends, we also prioritized a favorable assignment clause that would allow for a smooth transition to a new owner when the time is right.
Having a deep understanding of my clients' businesses allows me to ensure their contracts provide the necessary flexibility and options for success.
Despite my thorough review and summary, I encouraged Sarah to read the entire lease. While I recognized her aversion to surprises, it's crucial to mitigate any potential risks by being well-informed before signing on the dotted line.