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Contracts Keyed to Templin
Oscar v. Simeonidis
Citation:
352 N.J. Super. 476, 800 A.2d 271 (N.J. Super. 2002)Facts
In 1991, Simeonidis purchased a restaurant business from Nick Barrise and assumed Barrise’s lease with Oscar for a commercial property in Montclair. The original ten-year lease (1990-1999) specified rent at $2,500 per month with annual increases at the rate of CPI with a minimum 5% increase, plus real estate taxes. The lease included an option to renew for two five-year terms “with an increase based on fair market rent.” Shortly after Simeonidis assumed the lease, an amendment was executed between Oscar and Barrise changing the renewal terms from “increases based upon fair market rent” to “increases based upon terms of the original lease.” Throughout the lease term, Oscar charged Simeonidis less than the specified amount. As the lease expiration approached, Oscar offered renewal at $5,000 per month. When Simeonidis did not respond, Oscar filed for possession. During litigation, the amendment was discovered, but the trial court deemed it unenforceable for lack of consideration.
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