What is the name of your state (only U.S. law)? Ohio
Tenant is currently operating on a 3 year written commercial Lease agreement which ends on 3/31/2011 unless renewed. To avoid automatic renewal Lease states that a minimum of 60 days notice is required. Tenant failed to notify of non renewal and 10 days after auto renewal (50 days before current Lease Term end) notified Landlord that they were not renewing.
Landlord advised Tenant that Lease had already automatically renewed per the Lease agreement. Had meeting w/ Tenant. They admitted that they screwed up, said they couldn't afford to stay, and asked for consideration.
Landlord offered Lease buy-out or offered to attempt to find new renter. Is the Tenant responsible for the renewal period?
Tenant is currently operating on a 3 year written commercial Lease agreement which ends on 3/31/2011 unless renewed. To avoid automatic renewal Lease states that a minimum of 60 days notice is required. Tenant failed to notify of non renewal and 10 days after auto renewal (50 days before current Lease Term end) notified Landlord that they were not renewing.
Landlord advised Tenant that Lease had already automatically renewed per the Lease agreement. Had meeting w/ Tenant. They admitted that they screwed up, said they couldn't afford to stay, and asked for consideration.
Landlord offered Lease buy-out or offered to attempt to find new renter. Is the Tenant responsible for the renewal period?