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I am in a commercial lease (I have a retail store). Things did not work out and I am closing my business. I am behind on the rent. I have been trying to negotiate breaking the lease. We have already been to court and I signed a stipulation that I would move out. The landlord has asked me to sign a “Note” for repayment of the back rent. (I want to pay the back rent, because I do owe it.) If I sign the note, they will give me a few weeks to move out and not file the official eviction. But, the monthly repayment amount is higher than I can afford right now and I’m worried I might not be able to pay it if i don’t have a new source of income right away.
My question is – if I sign the note and then at some point cannot make the payment, will I face jail time because I am in contempt of court? I just don’t want to sign something that will jeopardize my family if I miss a payment. I’m wondering if having the eviction on my record and having the amount go to collections is safer. If I go that route, I only have 2 days to vacate. I really need some advice!
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