Journal Plaza Holding Co. v. J.L.H. Co.

The bill is to compel the defendant to execute a bond and mortgage. In 1925 the defendant leased to one Makaus premises on Pavonia avenue, Jersey City, for twenty-five years, with an option for a further lease of twenty-five years. The lease was assigned to one Reich. He assigned to Weisenfeld, an officer of complainant, who transferred it to the complainant. The lease contains this provision:

"The lessor does hereby agree and authorize the lessee at any time during the term of this lease to tear down the building now occupying said demised premises, and to erect a building, the plan thereof…