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State bill would soften blow for commercial tenants who break leases

On Behalf of | Jul 24, 2020 | Real Estate

On Wednesday, the state Assembly passed a bill that would require commercial landlords to minimize damages against a tenant who vacates their property before the lease expires.  When a tenant breaks a lease, the bill would require landlords to “take reasonable and customary actions to rent the premises at fair market value or at the rate agreed to during the term of the tenancy, whichever is lower.” With a new tenant in place quicker, the landlord would seek to recover less from the previous tenant for violating their agreement.