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I have just started my operation last May 2013 but my lease contract started since March 2013. I have been encountering a problem with the business because it is not earning ever since and it's all the more increasing the personal money that I have to take out to pay for the rent. So now, I am planning to close the business but I am having issues with my lessor.
The lessor asked me to pay an 8-month security deposit first and let me sign a 5-year contract that says I still have to continuously pay for the rest of the remaining years even if I cancel the contract, which I don't think I can still possibly pay even for the next month because my profit and even my personal earnings are not really enough to pay for it. The contract even stipulates that my security deposit will be forfeited if I cannot pay the rent and worse, the unit will also be locked with all my assets in there.
Now I'm not really sure what I need to do because the terms are too much to take so I have decided to ask for a legal advice. Please let me know what I need to do to get out of this issue. thank you!
The lessor asked me to pay an 8-month security deposit first and let me sign a 5-year contract that says I still have to continuously pay for the rest of the remaining years even if I cancel the contract, which I don't think I can still possibly pay even for the next month because my profit and even my personal earnings are not really enough to pay for it. The contract even stipulates that my security deposit will be forfeited if I cannot pay the rent and worse, the unit will also be locked with all my assets in there.
Now I'm not really sure what I need to do because the terms are too much to take so I have decided to ask for a legal advice. Please let me know what I need to do to get out of this issue. thank you!
