by chatima » Mon Nov 21, 2011 2:23 am
It's the law of property. Encumbrances on property run with the property, and bind successive owners. Leases are encumbrances, and bind succesive owners. That's why if you buy a property with an existing easement, you are stuck with the easement, even though it was granted 50 years earlier by some owner that you never met before in your life. That's why if you buy a property with an existing tax lien, you are stuck with the tax lien. You can't go to the tax collector and say, "I just bought that property, and I don't like that $10,000 lien. So, sign this new lien that says it's only $1." Doesn't work that way.
Tell the new owners that you like the existing lease just the way it is, and that you will expect them to honor the lease terms for the next 12 months.