Scott Mollen Realty Law Digest
In this week's Realty Law column, Scott Mollen discusses "538 Morgan Ave. Props. LLC v. 538 Morgan Realty LLC," and "Dvortsov v. Levy,"
June 14, 2022 at 02:32 PM
17 minute read
Commercial Landlord-Tenant—Court Makes Upward Adjustment To Use and Occupancy—Significant Increase in Real Estate Taxes—More Than Doubled Since 2015
This decision involved a motion seeking an order "upwardly modifying and adjusting the use and occupancy (U&O) previously ordered by the court."
In March 2015, a plaintiff entered into an agreement with a defendant pursuant to which the plaintiff agreed to purchase the defendant's business (business). The parties also entered into a "separate real estate contract" pursuant to which the plaintiff purchased from a different defendant real property (property) utilized by the business. In March 2015, the plaintiff paid the defendant rent in amount of $21,252 per month. The monthly rent was to be payable until the transfer of ownership of the property.
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