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Wells Fargo Bank Minnesota, N.A. v. Nassu Broadcasting Partners, L.P.

Defendant must make rental payments under lease; ‘hell or high water’ provision enforceable.

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Plaintiff Wells Fargo Bank Minnesota, N.A. (“Wells Fargo”) commenced this action against defendants Nassau Broadcasting Partners, L.P. (“Nassau”) and Louis F. Mercatanti to recover rent under an equipment lease. Plaintiff moved and defendants cross-moved for summary judgement and both were denied on September 13, 2002.[1] Wells Fargo Bank Minnesota, N.A. v. Nassau Broadcasting Partners, L.P., 2002 WL 310508850 (S.D.N.Y. Sept. 13, 2002). A bench trial was held on March 5-7, 2003 and April 28, 2003. Wells Fargo seeks to show that Nassau breached its lease, and it is therefore entitled to monetary damages for that breach. Nassau contends that the condition precedent to trigger its obligation to begin payment under the lease has not commenced. Alternatively, Nassau contests whether Wells Fargo is the proper leaseholder and whether the “hell or highwater” provision in the lease may be enforced by Wells Fargo. For the following reasons, I find the hell or highwater provision enforceable by Wells Fargo and that Nassau is obligated to make rental payments under the lease.

I. FINDINGS OF FACT

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