Commercial Tenants and Florida Foreclosure
Many commercial tenants are caught in a tough situation if the landlord is getting foreclosed on. Although the landlord may be being foreclosed on, the tenant must continue to pay the rent or else could be considered in breach of the lease.
Breaching the lease can result in the Tenant being evicted. It is a highly debated topic whether or not commercial tenants enjoy or should enjoy the same rights as residential tenants. When a bank or a third party takes title and an existing lease was in place between the former borrrower and the tenant, the new owner must honor the lease or give the tenant at least 90 days to vacate the premises.
Whether or not commercial enjoy that same courtesy is not real clear. Most of the time, new property owners want viable, paying tenants and would be more than happy to let the tenant continue to occupy the premises
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Greg Gilbert
Keith Maynard
