Roberts v. Park-Lexington Corp.

On or about August 1,1923, the Merchants and Manufacturers Exchange of New York (hereinafter termed “ Merchants ”) sold and assigned to Park-Lexington Corporation (hereinafter termed “ Park-Lex.”) all its right, title and interest in and to a long term lease which it held as lessee. In part payment of the purchase price Park-Lex. agreed to make certain payments to Merchants over a period of twenty-nine years, beginning in 1924, totaling $3,200,000, and later reduced to $1,617,000. The agreement provided that in the event of a default in the payment of any installment due thereunder Merchants…