Scott Mollen Realty Law Digest
In his Realty Law Digest this week, Scott Mollen discusses "323-325 Bleecker Realty v. Maxluxe," and "Cutone & Co. Consultants v. Riverbay Corp."
July 26, 2022 at 12:42 PM
13 minute read
Commercial Landlord–Tenant—Liquidated Damages—Accelerated Rent—Landlord Awarded Money Judgment—Individual Defendant's Guaranty Was Absolute and Unconditional—Court Referred Claim for Accelerated Rent to a Referee To Determine Whether Such Claim Would Be an Impermissible Penalty ('Double Dipping') Since It Was Unknown Whether the Premises Had Been Re-Let
This decision involved a commercial landlord-tenant dispute. The plaintiff owner of the subject building had moved for summary judgment to dismiss the affirmative defenses of co-defendants "A" and "B," as well as for summary judgment on its claims.
Tenant "A" had executed a 14-year commercial lease which ran until September 30, 2023. The lease contained an "acceleration clause" which could be triggered if the tenant intended to "vacate and/or abandoned the premises…." "B," a principal of "A," had executed a guarantee on behalf of "A." The guaranty provided, inter alia, that it is "absolute and unconditional," and it is a guaranty of "payment and not of collection."
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