Terminating restaurant lease
Hi all, my parents owns a small restaurant in Florida. Due to Covid19, they have to close their doors. Honestly I don’t think they can recover from this and might have to close down permanently. They have about 2 1/2 years left on their lease. Rent is about $5k per month. 
My parents are also nearing their retirement age and they’ve been pretty much working nonstop for the last few years. I want to help them out during this situation. I’m curious if anyone has any experience on negotiating an early lease termination. I’ve dealt with their their property manager before any they’re not the best people to deal with. I don’t think my parents can afford to pay 2 1/2 years rent as buy out. Are they stuck for the next 2 1/2 years? Is it possible to negotiate smaller buyout fee? Should they consult a lawyer and if so, what type of lawyer?
Thanks !
[{"id": "fmpi9kt", "text": "Yes, they should certainly work with a lawyer on this. Did they sign a personal garuanty along with the lease?", "replies": [{"id": "fmpibvn", "text": "Yes, I believe they did", "replies": [{"id": "fmpirhs", "text": "Definitely will need a lawyers help them then. Is it a full term garaunty or a limited one? 12 months personally garaunteed from surrendering the space is common.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fmpxt8t", "text": "Talk to a lawyer, but start the negotiation anyways. No one enforced personal guarantees it will cost more to litigate it than the LL will make back.", "replies": [{"id": "fmqab78", "text": "Individual landlords may not enforce a guarantee,  but a REIT or other large corporation definitely will, and with in-house attorneys so their not burning  through cash.   \n\nTalk to your landlord first.   Under normal circumstances I would suggest they would work with you to find a replacement and minimize your parents exposure (they are legally required to mitigate damages), but in the current environment that may be very difficult.  All the same, discuss your options with you landlord as they are likely overwhelmed with problems at the moment and might be willing to cut you loose of the lease for some upfront payment less than the 2.5 years of rent.   Cash is king once again!", "replies": [{"id": "fmqcrwz", "text": "For $120k it\u2019s not worth it to pursue a judgement it takes forever and the opportunity cost is high. I worked in the CRE group for a name brand hedge fund and we\u2019d only enforce guarantees on borrowers where there was a significant loss or on a major tenant. For a small in line like this it\u2019s not worth the headache (unless the LL has nothing else to do). They will probably rattle Sabre\u2019s but in the end they\u2019ll want a payment agreement not going to court for a judgement to collect. My $0.02.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fmqhuq9", "text": "First, have them look at an SBA loan. With the bailout, money is flowing from the banks. Then, find a real estate attorney in your area. You may be able to negotiate out of the personal guaranty and an early termination, but the landlords are all getting pinched, too. They have properties that are going to see substantial vacancies in the near term, and that will definitely guide their decisions on early terminations.", "replies": [], "depth": 1}, {"id": "fmrnmds", "text": "Try to talk to the landlord about your options. Try for rent relief of some kind. Try to ramp up food delivery.", "replies": [{"id": "fmslrl0", "text": "This", "replies": [], "depth": 2}], "depth": 1}]