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Contracts Keyed to Ayres
Joseph Martin, Jr., Delicatessen, Inc. v. Henry Schumacher
Citation:
52 N. Y.2d 105.Facts
In 1973, the defendant leased a retail store to the plaintiff for a five-year term. The renewal clause stated that the “Tenant may renew this lease for an additional period of five years at annual rentals to be agreed upon.” Plaintiff gave timely notice of their desire to renew. Defendant made it clear that they would only renew at a higher price. Plaintiff had an appraiser look at the value of the rental, and the appraiser stated that the rental value was much lower. The plaintiff began this action for specific performance to compel the landlord to extend the lease term at the appraiser’s figure or a figure that the court would deem reasonable.
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