pianoranger
Mar 14, 2009, 07:37 AM
I have a Day Spa in California. Since November 2008, I have been only able to pay partial rent each month due to the decline in our sales and our Business Line of Credit being suspended. Since the fall of 2008, we have been diligent every couple of weeks, asking the landlord and property manager to sit down and discuss some options that could benefit both of us rather than exercise a LOSE-LOSE scenario. The landlord has remained silent and just two weeks ago sent a proposal that would effectively increase our rent $1400.00 per month to cover the arrears! I don't understand the LL's position.
We have personally guaranteed the lease with 6 years left on a ten year term. We own our home which is upside down at the moment. We own a vacation home and an out of state rental both with very little equity. Most of the equity in these homes would be decimated by selling them.
I have retained an attorney to look over our lease and he has written a letter to the LL as well without any response. It is very hard to move forward and get excited about maintaining or even growing this business while the idea of an Unlawful Detainer looms in the wings. The landlord has not sent us a "Pay or Quit" notice in 5 months and continues to cash our partial rent checks.
We have personally guaranteed the lease with 6 years left on a ten year term. We own our home which is upside down at the moment. We own a vacation home and an out of state rental both with very little equity. Most of the equity in these homes would be decimated by selling them.
I have retained an attorney to look over our lease and he has written a letter to the LL as well without any response. It is very hard to move forward and get excited about maintaining or even growing this business while the idea of an Unlawful Detainer looms in the wings. The landlord has not sent us a "Pay or Quit" notice in 5 months and continues to cash our partial rent checks.