Commercial Space for "Assume"?

Gud PM to ALL of you here..it took me sometime to check whether this query was already asked in previous posts but haven't found one quietly related or have exactly same situation with this one..except ung sa post regarding Deed of Sale of Rights posted March 3, 2010..pero di ako sure kung eto un sa pagkakaintindi ko..

Gusto ko lang sana e-clarify ko ano proper term sa transaction na eto. meron isang space sa isang commercial building tapos ung tenant gusto ipa-"assume" to quote his language, ung space worth P40k..ang sabi niya pag assume niya nun P80k daw tapos ung monthly rental is worth P2,500..then sabi niya next year pa daw ung contract mag expire...

Ang isa sa concerns ko...bakit pa-assume ng P40k ung space?ano pala ung contract nila sa owner ng commercial building? Ang alam ko lang kc, if ever mag expire na ung contract niya tapos hindi na ma renew, so wala na sya rights dun..meron ba contract na ganito? house for assume lang kc ung medyo alam ko..pwera sana if pag assume ung space..kami na magmay-ari after...what's the appropriate move for this? Im interested to lease if not assume the space..thanks po..More power!

you should first acquire a copy of his current lease contract so you will know what you are getting into. at the same time, you should acquire the consent of the owner else you might find yourself fighting him. note that there may be a clause in the contract that prohibits what you are planning.

assuming in this case means you are taking over the contract and whatever rights and obligations from it become yours.

ask him what the 40k is for. it may be for the cost of improvements, the deposit or just the privilege of taking over the space. you have the right to say no but you won't get the space.