On Nov. 24, 2020, the New York State Court of Appeals issued its decision in Trustees of Columbia Univ. in the City of N.Y. v. D’Agostino Supermarkets, where it found unenforceable certain liquidated damages for breach of a settlement agreement.
In Columbia, the tenant had failed to make timely rent payments to the landlord. The parties then entered into a surrender agreement pursuant to which the tenant agreed, in exchange for termination of the lease, (1) to immediately surrender the leased space back to the landlord; and (2) to make several installment payments to the landlord which, in the aggregate, were equivalent to about 15% of the tenant’s remaining rent under the lease.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]