Commercial Lease Termination Letter Ontario. If it is drafted in a well manner, parties become safe from future errors and misunderstandings and disputes as well. The termination of lease has a same process like its beginning.
A commercial lease is a legally binding contract made between a landlord and a business tenant. Although, the landlord may be motivated to cancel especially if the tenant has lost their job, fallen sick, or any other extenuating circumstance that may pose a threat to the. The tenant would usually remain bound to pay rent and comply with all other obligation in the lease until the end of lease term.
Although, the landlord may be motivated to cancel especially if the tenant has lost their job, fallen sick, or any other extenuating circumstance that may pose a threat to the.
Under the law, a lease may be considered breached if a landlord or tenant fails to live up to one or more of the lease obligations, or conversely, does something that is strictly prohibited in the lease or that is illegal. If you have the desire to end your lease early, you may consider giving your landlord as much notice as possible. Most commercial leases state the reasons why and how a landlord can evict a commercial tenant. Under the law, a lease may be considered breached if a landlord or tenant fails to live up to one or more of the lease obligations, or conversely, does something that is strictly prohibited in the lease or that is illegal.