If you do not pay the money that you are obligated to pay, your landlord may take legal action to recover the money. If the landlord prevails, you may be subjected to additional financial obligations on top of the rent that you owe. You might find yourself with your property confiscated, your credit damaged, and other unfavorable financial repercussions.
What happens when you end a commercial lease?
Putting an end to a commercial lease.For those who have signed a long-term lease, you will be responsible for any rent payments that are due for the duration of the contract.This might amount to a substantial sum of money, and many commercial landlords have the financial capability to prosecute tenants who have breached their contracts.In some cases, however, depending on your state’s legislation, your landlord may be required to cut your rent (mitigate)
What happens if a tenant does not pay rent in California?
Upon expiration of the notice period and the tenant’s continued presence on the premises, the landlord may initiate the eviction procedure. Unsatisfactory performance of a tenant’s obligations under the terms of a signed lease or rental agreement may result in eviction in the state of California.
Do commercial tenants get paid when you sign the lease?
They also don’t get paid unless you’re completely satisfied with a property and sign the lease agreement. Instead of having unique legal rights to fix their homes, deduct or withhold money, or move out in the middle of a lease, commercial renters have nothing more than what their lease agreement allows them to do under the circumstances.
What happens if you refuse to initial a lease?
If you don’t dispute the terms of the lease or express a desire to amend them, the contract is strongly skewed in favor of the landlord. In fact, there are no choices to reject to initial the places that are provided to you.