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Lease for billboard needs breaking
A lease was signed in Virginia for a billboard for 10 years. Now the original owener is selling the land. The new buyers do not want the sign. How can the lease be broken? The sign company says they do not have to remove the sign.
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Do the terms of the lease provide any exit provisions? If yo can't expolit any cintract terms, then the current property owners will have to negotiate a termination of the lease with the billboard company. From the billboard company's perspective, they spent money to install an asset on this property, based on a 10-year lease. It would cost them $$ to take it down erect a new billboard on someone else's property - if you were to reimburse them for that added expense they may be willing to go along. If I was the billboard company I would want at least that expense covered, perhaps pro-rated for the remaining life of the 10-year lease.
Alternatively, since the billboard would be an ongoing source of income to the new property owners, perhaps they would be willing to live with it? |
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