I would like to know the exact translation for this paragraph 17 of of standard form store lease The real estate board of NY inc

Asked over 1 year ago - New York, NY

17. (1) If Tenant defaults in fulfilling any of the
covenants of this lease other than the covenants for the
payment of rent or additional rent; or if the demised premises become vacant or
deserted; of if any execution or attachment shall be issued against Tenant or
any of Tenant's property whereupon the demised premises shall be taken or
occupied by someone other than Tenant; or if this lease be rejected under
Section 365 of Title II of the U. S. Code (Bankruptcy Code); or Tenant shall
fail to move into or take possession of the premises within fifteen (15) days
after the commencement of the term of this lease, of which fact Owner shall be
the sole judge; then, in any one or more of such events, upon Owner serving a
written five (5) days notice upon Tenant specifying t

Additional information

specifying the nature of said default and upon the expiration of said five (5) days, if Tenant shall have failed to comply with or remedy such default, or if the said default or omission complained of shall be of a nature that the same cannot be completely cured or remedied within said five (5)day period, and if Tenant shall not have diligently commenced curing such default within such five (5)day period, and shall not thereafter with reasonable diligence and in good faith proceed to remedy or cure such default, then Owner may serve a written three (3)days notice of cancellation of this lease upon Tenant, and upon the expiration of said three(3)days, this lease and the term thereunder shall end and expire as fully and completely as if the expiration of such three (3) day period were the day herein definitely fixed for the end and expiration of this lease and the term thereof and Tenant shall remain liable as hereinafter provided.

Attorney answers (2)

  1. Bruno Patrick Bianchi

    Contributor Level 18

    2

    Lawyers agree

    Answered . This provision gives the landlord authority to terminate your lease upon giving you five days' notice in writing if one of several possible events occurs. You should consult with your lawyer to determine the full meaning of this lease provision in the context of all of the terms of your lease.

  2. Steven Warren Smollens

    Contributor Level 20

    2

    Lawyers agree

    Answered . Dear Commercial New York Tenant:

    This is known as a "default" provision. It is the portion of the lease where the landlord states a series or a set of events that if the landlord claims any occur during the term of the lease allow the landlord to declare the lease term ended (accelerates the end date of the lease ) five days after the landlord serves the notice of default. It is a conditional limitation on the tenancy. In the event that the tenant does not cure the alleged default within the period provided for in the notice, or gain a TRO in the Supreme Court, to stop the running of the five day period, the lease will come to an end. The tenant will not have the chance to argue in the subsequent eviction case that it needs more time to cure if the lease default is established. The combination of proof of the lease default, proper service of the notice of default and proof then of a proper notice terminating the lease ends further chance to correct or furnish a cure.

    Should a tenant receive the default notice that acts to end the lease and does not toll the running of the period of the notice or move out, the landlord will start a summary holdover proceeding in the New York City Civil Court (Commercial Landlord and Tenant case [non -housing]). The tenant's defenses to the landlord's petition is the claimed act of default did not occur, the landlord did not serve the notice properly, the tenant moved out before the landlord started the summary proceeding, and more along those lines. This form of default does not provide for the tenant a later chance to cure the lease default.

    If you were served with this notice that acts on its own to end your lease to stop the time running out on the notice you must obtain what is known as a Yellowstone Injunction in New York County Supreme Court.

    Good luck.

    The answer provided to you is in the nature of general information. The general proposition being that you should... more

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