2015 NY Slip Op 50089

Citation: 2015 NY Slip Op 50089
Jurisdiction: New York (state)
Source: Official source
Original Source: https://www.nycourts.gov/reporter/3dseries/2015/2015_50089.htm ↗

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on January 1, 1980 and terminated on December 31, 1980 at a rate of $36,000.00 per
annum or $3,000.00 month for the following lease terms: January 1, 1981 through
December 31, 1981; January 1, 1982 through December 31, 1982; January 1, 1983
through December 31, 1983; January 1, 1984 through December 31, 1984; January 1,
1985 through December 31, 1985; January 1, 1986 through December 31, 1986; January
1, 1987 through December 31, 1987; and for each year thereafter, until its expiration
from January 1, 1988 to December 31, 2015 at a rate of $60,000.00 per annum or
$5,000.00 per month. The "Net" lease provided that Fred Brenner was responsible for all
taxes, water and sewer charges, gas, light, heat, telephone, electricity, power and other
utility. This agreement recognized that at the time of its inception, the above properties,
were both included on "a common real estate tax bill". The agreement was secured by a
promissory note of $232,000.00 and a mortgage was recorded at reel 1203 and page
1429.

Fred Brenner was granted an exclusive and irrevocable option to purchase
the property during the option period for the first 7 years. After April 1, 1994, the
Walben Company could elect to sell the premises to Fred Brenner by notice and he
would have the right to purchase as stated in the option. Any time between December 5,
1987 and December 31, 2015, Fred Brenner had the option to give the Walben Company
notice of intention to purchase and the option was effective whether he was in possession
or out of possession. In addition, the option price was $300,000.00 plus the costs of any
assessments by the city on improvements made by the tenant.

The record shows that on February 2, 1984, the property was transferred by