This is all good advice above. I'm not sure what the health of your commercial market is there, so I would just caution you to think hard about evicting anyone who is paying any amount of rent. If you are in a robust market, and you feel that you can back-fill the space right away, then yes, you should seek the advice of a good eviction attorney and proceed (as long as that cost won't exceed the expected gain). If the market is not that robust, then maybe try to renegotiate with them. Tenants in our market are hard to find these days. Something else to consider is your building insurance. If evicting this tenant creates vacancy that is in excess of the allowable vacancy in your commercial insurance liability policy, then be prepared for a major increase in insurance premium costs. In some cases, that cost can exceed the loss from non-payment of rent. Just some things to consider as you make this economic decision Sam.
Feb 8, 2011