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Faraday Future’s Los Angeles headquarters avoids eviction for now

Faraday Future has temporarily avoided being kicked out of its Los Angeles headquarters.

The troubled electric vehicle startup reached an agreement with its landlord, Rexford Industrial, on April 2 to stay in the building as long as it meets certain conditions. If the startup breaches any of the terms, Rexford has the right to trigger a 48-hour payment requirement and can launch Faraday Future in the event of non-payment. If Faraday Future pays, it can stay in the building until its lease expires in September 2025.

The decision comes as Faraday Future is once again strapped for cash.

The company reported that it had just $8.5 million in cash as of September 2023. This is the latest data as the company has been late filing its 2023 annual financial report, in part because it delayed payments to third-party audit consultants. Regulatory filing on April 2.

Rexford first sued Faraday Future in February, claiming it missed multiple lease payments totaling nearly $1 million. Now, the electric vehicle startup has until April 30 to pay the $312,524.46 it owes. It must pay this month’s rent of $305,617.08 on or before April 15. It must pay next month’s rent of $312,419.63 on or before May 6.

Faraday Future was less fortunate to avoid trouble in a separate case filed in January by the landlord of an office it rented in San Jose. BXP Realty claims Faraday Future stopped paying rent in December and owes $127,311.16. Faraday Future appears to have yet to formally respond to the lawsuit and issued a default order in early March. It’s unclear whether Faraday Future still occupies that space.

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