Q: What are a tenant's options for terminating a commercial lease or reducing rent during the Corona pandemic?
Hello,
We are small business owners. My wife and I operate a gift shop in Savannah with no employees. The building was recently purchased and our rent increased by 80% in February. We signed a 3 year lease. That lease does not have any option for termination by tenant.
In the last few weeks our sales have declined with foot-traffic as Savannah's events have been cancelled and tourism has come to a stop. This week we have had no visitors, much less sales.
We cannot afford to continue to pay rent in accordance with the lease. In planning our options, we would like to request a decrease in rent, and the addition of a termination clause in the lease in case we cannot stay in business.
What is the best way to go about this legally and fairly?
Thanks very much for any advice you can provide.
A: You should look at the terms of the lease. Provisions that may be helpful are "Force Majeure", condemnation, and casualty.
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