In the scenario provided, it is possible to lease the property to another interested party. However, there should exist an agreement between the lessee and landlord . The landlord has the power to posses the property which was used as the security of the lease. In the scenario above, the lease can be termed as a finance lease. The period covered is substantial to make it a financial lease. The Lessee has the right over the rewards and damages from the lease. The lease has also the buy option at the end of the lease period. Therefore in the scenario above, the lessee can re-lease the property to the other party. This is subject to a formal agreement between the Lessee and the lessor. The agreement should be in writing.
The current lessee will be liable to the landlord for any unpaid rents of the lease. The contract remains valid between the two parties. However, the party can opt to terminate the lease despite the period. The conditions were not contingent, therefore; it is rational to terminate the lease. The action can lead to payment of damages incurred due to the breach of contract.
The landlord can sue the Lessee, and the party be required to pay a substantial amount to cater for the unrealized rents. Similarly, the landlord and the lessee can come to an agreement in an out of court settlement. The process is less costly than the court process. Therefore, there are several ways of terminating a lease. From the above discussion, it is clear that the lessee can lease the 50,000 feet land to another interested party. This is to prevent a total loss to the individual.
References
Miller, R. L., & Jentz, G. A. (2009). Business Law Today: Comprehensive (8 ed.). New York: Cengage Learning.
Roberts, R. R., Cummings, C., & Kraynak, J. ( 2011). Financing Real Estate Investments For Dummies. New York: John Wiley & Sons.
