Post: Commercial Lease Renewal

Posted by Rob on 4/05/07

Hello,

Our company is based in Florida, the company's president,
as apporved by the board of directors, excercised the
lease renewal option for our office for an additional 5
years as stated in our lease agreement. However, the
landlord has notifyed us that the renewal is invalid
because it was not signed by all the grantors on the
lease. We purchased the company's stock and the prior
owner was listed on the lease as a grantor. In the
assignment of the lease he also accepted to be grantor in
the event the company excersized the renewal option.
Therefore the company, and its owners did not feel it was
necessary to obtain his appoval of the renewal based on
the prior assignment of the lease. The landlord has stated
that they are going to evict us if we do not vacate the
office asap. My question is, if the company's owners and
board of directors have approved the lease option, and the
prior owner already agreed to accept to be a grantor in
the event the company renewed, did the company have to
obtain the approval of the prior owner as grantor? Also,
the company is the tenant, not the grantor(s), does the
company have the right to renew without the written
concent of any grantors? The prior owner has not notified
the landloard that he wishes to be removed from the lease.
In the event he did request to be removed, or refused to
be listed as a grantor could this be cause for the
landlord to not accept the company's renewal? Any help
would be greatly apprciated.

Posts on this thread, including this one

Commercial Lease Renewal, 4/05/07, by Rob.