Unable to pay lease

Dear Sir,

please go through the exit clauses of the lease deed.

Regards 

Thanks for your reply.

The exit clause states that in case of failure of payment, the company will seize the assets lying within the premises.

My question is, since the value of the assets within the said premises are much less than the balance outstanding, is it possible for the company to even seize the assets from my other locations. Can they if required, even have the right to seize my personal property?

Better  you  handover the vacant  possession  to lessor and request  them that your financial position is not good  so due  lease amount will be paid lateron.. 

The properties belonging to you lying in some other location cannot be seized by them.  If the property seized for the purpose of settlement of arrears of rental amount is not sufficing the entire amount, they can file a money recovery suit against you for the recovery of remaining amount. 

Thanks for the replies. If they do file a money recovering suit against me then is it possible that mine and my other directors personal accounts and property be also taken over or will it be only restricted to the companies assets. We do are a Pvt Ltd. company.

If the loan is on the company's name, the recovery aspect will be limited to the company's assets alone, in case of any personal collateral security furnished for the purpose of loan, the same will be considered for the purpose of arrears of loan and its interests repayment.   It applies to other directors too.  So it is better to take care if other properties have been offered as security for the purpose of this loan.