4 ms·
As far as I understand, commercial real-estate leases are iron-clad contracts and not open to renegotiation until expiry. Failure to pay rent can easily result
by HappySweeney 4y ago
As far as I understand, commercial real-estate leases are iron-clad contracts and not open to renegotiation until expiry. Failure to pay rent can easily result in a quick court judgement which allows the landlord to lock the doors, or via the remedy of distraint (as it's called in Ontario) enter the premises and start grabbing stuff in order to sell it off and recoup losses. Maybe things work differently in SF?
- Finnucane 4y agoSince he seems to be trying to turn it into a dorm at the same time, maybe looking for a residential deal?
- mytailorisrich 4y agoWell of course that's the legal, textbook position. In practice the commercial reality may be different: potential financial impact on landlord of not getting rent, costs of legal remedies, current market situation (what happens if they need to find a new tenant), etc. I'm sure Twitter/Musk have agents/lawyers who know the commercial real estate business.
- guax 4y agoYes, Elon lawyers are incredible at contract law. I could not think of one example on where they failed him on that.