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I have a business in SC and have a house
in NC. I’m currently trying to get out
of the commercial lease, with no luck in
sublease. I’m thinking of filing
business bankruptcy but I signed a
personal guarantor. How do I protect my
property without filing personal
Asked on May 2, 2018 under Business Law, North Carolina
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 2 years ago | Contributor
There is no way to get out of a lease unless:
1) the lease itself contains some clause or provision allowing you to terminate it early, and you fully comply with all terms of that clause or provision; or
2) You can show that the landlord committed fraud to get you to sign the lease--that is, the landlord mispresented (lied about) something material or important and you reasaonbly relied on that misrepresentation in deciding to sign--since fraud provides grounds to void, or undo, a lease or other contract; or
3) The landlord violates or breaches some material or important obligation of the landlord under the lease, since one party's material breach allows the other party to treat the lease or contract as terminated.
Otherwise, you are held to the plain terms of the lease and guaranty you signed.
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