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Landlord and Tenant Law
Tenant's Cure of Default Reinstates Lease Renewal Option
Karr Graphics Corp. v. Spar Knitwear Corp. NYLJ 3/5/21, p. 25, col. 5 AppDiv, Second Dept. (memorandum opinion)
In commercial tenant's action for a declaration that it had validly exercised a lease renewal option, landlord appealed from Supreme Court's grant of a preliminary injunction preventing landlord from taking action to evict the tenant. The Appellate Division modified to alter the amount of use and occupancy due to the landlord, but otherwise affirmed, holding that tenant's cure of its default under the lease reinstated its lease renewal option.
In 2007, tenant leased the subject premises for five years with an option to renew. Tenant renewed the lease in 2012, and the renewal lease included the same option to renew. On Jan. 17, 2017, tenant notified landlord of its decision to exercise its renewal option for an additional five year term, but landlord rejected the notice on the ground that tenant was in default under the lease. On Aug. 18, 2017, after curing its default, tenant again notified landlord of its exercise of the renewal option. (The existing five-year lease was set to expire on Nov. 30, 2017). On Aug. 23, 2017, landlord rejected the notice to renew, contending that tenant's earlier default permanently voided the lease renewal option. Tenant then brought this declaratory judgment proceeding and sought a preliminary injunction. Supreme Court granted the preliminary injunction conditioned on tenant paying monthly use and occupancy in the amount of $15,462,58 and posting an undertaking of $30,000. Landlord appealed.
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