Metropolitan Life Insurance v. Stephen Realty Co.

This case is submitted for determination upon an agreed statement of facts.

In May, 1932, the defendant, as landlord, and one Birmingham Cafeteria, Inc., as tenant, entered into a written lease for a part of a building, consisting of a store and basement space, for a term of fifteen years ending July 14, 1947. The tenant deposited $2,166.68 as security under the following agreement:

“ The tenant hereby deposits with the landlord the sum of $2,166.68 as security for the tenant’s faithful performance of all the terms, covenants and conditions of this lease, which security is to remain in the…