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The Leasing Hotline
Landlord Permitted to Cancel Lease After Tenant's Merger
A landlord may cancel a lease if the lease permits cancellation by the landlord after an assignment, and the tenant's merger into another corporation constitutes an assignment of a lease. Cellular Telephone Company, et al. v. 210 East 86th Street Corp., Index 101582/05, Supreme Court of New York, Appellate Division, First Department, June 28, 2007.
Cellular's lease with the landlord provided that the tenant could not assign the lease without the landlord's approval and that the landlord could withhold approval for any reason, or no reason whatsoever. The lease further provided that the transfer or other disposition of more than 25% of the issued and outstanding capital stock of Cellular or any corporate tenant or subtenant, or the transfer in excess of 25% of the total interest in any other entity would be deemed an assignment. An exception to acquiring the landlord's consent existed, permitting assignment of the lease to an 'affiliate, parent or successor of the tenant.' The lease further provided that the landlord could cancel it in the event of an assignment.
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