[US-IL] Commercial lease set to expire at the end of this year, how many days is needed vs expected
Good afternoon guys!

 

I am looking to end my restaurant business after 5 years. I have found a 9-5 and want to quit the grind to raise my daughter. Those in the business know how many hours need to go in. Anyhow, how many day notice should I provide my landlord? 180 days written letter is needed if you are exercising an option but nothing about how many days before leaving. Does my lease just expire and that’s it? I know we are to send a letter 60 days but is that just for apartments?

Please help! This landlord has never been easy to deal with and I’m excited for a life that is less stressful. Thank you in advance
[{"id": "ifa8aoh", "text": "If the lease is silent about a required termination notice, then it likely just ends. It would be kind of you (but not necessary) to provide as much notice as you can.", "replies": [], "depth": 1}, {"id": "ifa9al3", "text": "If you know 100% you're going to wind down, it's better for you to let your landlord know now and start the process of making sure you're walking away clean. Chances are, like others said, there's no notice required. You'll just need to deliver the space back in the condition required per the lease. You never know, they may have opportunities popping up to backfill and they might let you out early!", "replies": [{"id": "ifa9kor", "text": "That would be ideal! I just spent 5-6k repairing the AC because my landlord won\u2019t just replace them. I\u2019m worried about them looking at them and giving me the bill. So in September it would have cooled down so I wanted to wait. So stressed out -.-", "replies": [{"id": "ifaayy4", "text": "I get it. I think it's better to be potentially stressed out now rather than at the end of your lease. You should review your lease, just because the lease has expired doesn't always mean that you (or the Landlord) are done with each other.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ifam33n", "text": "You can let him know now and maybe he can start marketing it and if a new tenant is found, they can take over your lease. \n\nWinding down a business takes time and effort and money. You have to liquidate the equipment, terminate the staff, file the paperwork to close the llc, deal with vendors and creditors ect. \n\nI would talk to a business broker and see if you can sell the remaining term of your lease with all your equipment ect and just be done with it. It would be worth more to someone else then strippers for parts. \n\nGood luck", "replies": [{"id": "ifam76b", "text": "Thank you very much for this idea!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ifcgsno", "text": "You should look at selling your restaurant. Your landlord will be happy to still have a tenant. And you can exit with some cash", "replies": [], "depth": 1}, {"id": "iffdnl9", "text": "You can try to sell the business on Ten-X or something", "replies": [{"id": "ifff48l", "text": "What is ten-x? Thank you for your response", "replies": [{"id": "ifr7j1e", "text": "Sorry i meant BizBuySell(same company as tenx).  It's a website where people can buy and sell complete businesses.  If someone in your area is looking to start a business they might be willing to take yours over or perhaps buy all of your FF&amp;E + location and then switch concepts.  Of course finding a buyer and getting landlord consent is far from a guarantee but it could work out in your favor.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]