Residential Landlord · Houlton , WI · Member since 2014 · 56 posts · 35 votes
I’m an owner of a small business in woodbury mn. I have a deal to sell the business after 4 yrs of good standing in the space. In order to get the lease I had to sign a lease guarantee which expires 2021.
In order to get out of the lease I am told I need to find a new guarantor. I found a candidate that appears qualified (did a financial background check). But no response from the land lord after 4 months of repeated calls.
This transfer is holding up the process as the owners won’t respond. Question: in minnesota, can the owners require a lease guarantor? Upon sale of a business, can the owners hold the original lease guarantor if a suitable transferee was found? Can anyone recommend a lawyer in Minn to advise me? ThankS.
Attorney · Dallas, TX · Member since 2016 · 5k+ posts · 2k+ votes
8y
Read your lease. typically, the LL has a certain number of days to respond to disapprove, otherwise it is deemed approved. Owner can require anything he wants, not a violation of law to require financial guarantor. Yes, original guarantor is liable until released.