Owner Not Required to Accept Lump Sum When Tenant Defaults

January 1, 2008
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Facts: Tenants, a marketing firm and its representatives, entered into a lease granting them use of almost 3,000 square feet of commercial space. The tenants subsequently sold the business and stopped paying rent on the property. The owner notified the tenants that their nonpayment had violated the lease's terms. The tenants offered to settle for a lump sum that was less than the total amount owed under the lease, but the owner refused the offer.

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