As a business owner, it’s important that you find a great location for your company. If the business is well-located, it will attract more customers, which is why owners spend a lot of time carefully selecting the right area. When you finally find the right spot, you can move in and start your business as usual. When you rent instead of buy, however, there are certain things that you have to watch out for. One of the worst things that could happen to your business is being served with a notice of lease default. (Related topics: real estate lawyers in NYC, landlord-tenant law NYC)
When you default on a lease, that means that you didn’t comply with the rules stated in the lease. A common reason that this occurs is due to people not paying rent on time, but there are other reasons as well, such as not showing evidence of insurance, not performing certain responsibilities, not repairing a structure, and more. When this happens, your landlord may give you 5 to 10 days to resolve the default; if you don’t, your lease will be terminated and an eviction will take place.
When this happens, a New York real estate attorney will move for a Yellowstone Injunction; this is an order in the early stages of a lawsuit to preserve the existing conditions until an outcome has been reached. The best part about the Yellowstone Injunction is that it will give you more time to resolve the default, whether it’s making a payment or making adjustments to meet the rules of the lease. Without this, the landlord can terminate the lease before the judge can decide if you broke the lease or not.
If your landlord is suddenly trying to evict you because of a default, it could negatively impact your business, which is why you’ll need a New York real estate attorney. Suddenly being out of a lease will not only confuse customers, but your workers will have no office to complete their work. If this is happening to you, our New York real estate attorney will help you receive a Yellowstone Injunction while we resolve the case.