Commercial Lease Agreement -- We needed an LLC to guarantee the lease
This is a discussion on Commercial Lease Agreement -- We needed an LLC to guarantee the lease within the Starting a Business forum, part of the Business Contracts & Partnerships category; I have a startup company and I just opened an office doing a co-tenency with another individual that has their ...
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#1 |
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Junior Member
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Join Date: Jul 2011
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I have a startup company and I just opened an office doing a co-tenency with another individual that has their own company. We are not conducting business together. We needed an LLC to guarantee the lease on a commercial office space, so my LL signed, as well as me as an individual on the lease. Making that 3 people/entities. There are three offices within the premises. She occupies one, and I occupy one. Leaving us with a vacant room. Being that my LL is on the lease, wouldn't it be perfectly legal that we occupy that extra room, given that we pay our fair share of rent + expenses? If so, would we as an LL require any authorization from the other tenant on the lease? Since we were guarantors, and were named on the lease from day one, would be legal to simply inform both tenant and landlord by formal letter?
Any help with this is greatly appreciated. |
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#2 |
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Top Level Member
Join Date: Dec 2009
Posts: 12,619
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I wish to inform you that your agreement terms will govern your rights.As a guarantor you may not occupy third office. In this your agreement will specify the area under your lease. If total area includes third cabin then you may take third cabin because that cabin is under lease area. The contract terms may specify division of lease area among co-tenants and in the absence of specific provision in agreement both tenants have equal right toward third cabin.
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