Q: I wish to sublease a portion of of my commercial lease but property management is asking for 25% of the rent I collect!
We have unused space in my building I wish to sublease. I asked and received permission according to the terms of my original lease but with additional terms. Property management needs a copy of the agreement, our tenant needs liability insurance and they want 25% of the agreed upon rent! Is that legal?? I agree with the first two, yes they should know what agreement we have and I would want them to have insurance too, but asking for a potion of the rent? They “need to amend my lease” to allow for the sublease. All my original lease says is that I can not sublease without permission and that I am still liable for the terms of the lease. Is this where they are trying to add the extra amount in? The previous owner of the business I now own never had to do this before with subleasing the extra space.
A: Since you need permission to sublet the landlord is holding you up; you have two choices: pay the additional 25% (add it to the new sub-tenant's rent); or kiss the deal goodbye.
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