True-Value Slipper & Sandal Corp. v. Quaker Mechanical Corp.

In August, 1941, the plaintiff as tenant and defendant’s predecessor as landlord, entered into a lease of premises for commercial purposes, for a term ending January 31, 1947. Pursuant to the terms of that lease, the tenant deposited with the landlord the sum of $1,500 “ as security for the full and faithful performance by the lessee of all the terms * * * of this lease. * * * The lessor agrees to apply the security of $1500 * * * towards the payment of the rent * * * for the last four months of the term hereof, provided the lessee has fully and faithfully carried out all the terms * # * of…