What Happens After a 3 Day Notice to Pay or Quit in a Commercial Lease

what is a lease bonus

Geoffois said: 01-17-2010 11:50 PM

What Happens After a 3 Day Notice to Pay or Quit in a Commercial Lease

My question involves an eviction in the state of: California

After receiving the 3 day notice from what I have researched it seems I am supposed to vacate unless I am going to fight it.

Is there supposed to be a 30 day eviction? I didn't read that there was, but only for the month to month leases. I don't plan on fighting it since business is so slow we can not pay the lease anymore.

After the 3 days are up, should I ask the landlord when he would like to take possession of the property?

Also, if the business is still running and years ago he was the original owner of it and if he takes it over does that count as some sort of compensation?

If he were to sue me later for defaulting on the lease, would the courts minus the value of the business against what would be deemed he is owed?

Is there some legal mechanism for him to sue for some monetary amount before the property is vacant for too long? My partner thinks he has to be vacant for a long time before he is able to sue for much.

There is two other people on the lease because my partner and I took over the lease from them so we are the assignee and they are the assignors. Do they need to get notified also that

we are in breach and will they also get sued possibly? Or can the LL choose to just sue who he wants?

There was also a clause in the lease that said he can take possession of all the fixtures and property in the business and of the bank account up to $100k. Does that mean he gets everything and if there is a difference we owe this that so that it ads up to $100k? So for example, if the fixtures and cash equal $10k, then he is owed $90k for breach of contract?

Last edited by Geoffois; 01-17-2010 at 11:56 PM. Reason: ad a question

Mr. Knowitall said: 01-18-2010 07:36 PM

Re: What Happens After a 3 Day Notice to Pay or Quit in a Commerical Lease

A three-day notice to quit or pay gives you exactly that - three days to move out or pay your rent. If you don't do either your landlord can begin the eviction process. Normally a landlord who is owed rent will notify and, if necessary, evict every joint tenant named on a lease.

If your landlord exercises a lien against the property you leave behind against the money you owe him, you don't get any special bonus money. If you don't want your stuff left in the premises after you're evicted, move it out. If the property is not sufficient to satisfy your debt, you still owe the balance.

Re: What Happens After a 3 Day Notice to Pay or Quit in a Commerical Lease

Source: www.expertlaw.com

Category: Credit

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