Old Fireworks Stand Lease Preventing Sale
Hello BP community,
I am under contract to sell a property I own. During the title work it was discovered that a lease recording was filed with the county nearly 20 years ago. The lease is with a fireworks company to host a stand on the lot. The lease recording is not the actual lease but does include language that specifies a right of first refusal on the sell, a non-compete to lease to another fireworks stand or to sell fireworks for 15 years. There has not been a stand on the land in over 10 years, nor has the company paid any rent during the last decade. I purchased the property with an exclusion on the title policy, but now that I am under contract to sell, the current title company will not close without a signed termination from the fireworks company. Interestingly, we have gotten the company to sign a release on the right of first refusal but the lease has not been terminated. No one can produce the actual lease so the original terms are unknown. We have reached out to the fireworks company but haven't had much luck on getting through. I'm curious to know if anyone has dealt with a similar situation and what my options may be. I'll be consulting an attorney, just thought I'd throw this situation out to the BP community for feedback.