Willis v. Astor
New York Court of Chancery
Bill and Answer. The bill was filed for a specific performance of a covenant to renew a lease. The defendant tendered a lease requiring the lessee to pay all taxes and assessments; and the complainants declined to accept a lease on those terms. The question was, as to what covenants and conditions a new lease should contain. The covenant in the old lease for a renewal will be found ip the opinion of the court.
1Opinion of the Court
The Vice-Chancellor :
The defendant having elected not to pay for the improvements, but to grant a new lease— *595as he had a right to do—the question is, about the terms and conditions of such new lease ?
The covenant is not that the defendant would renew the old lease or grant a new one on the same terms and with like covenants as are contained in the old one; but the covenant is simply that, in the event which has happened, he would “ make and execute a new lease of the premises for the further term of seventeen years at the yearly ground rent, which shall be equal to five per cent, interest per…
2Cited by2 opinions
- Banker v. BrakerNew York Supreme Court · 1880
- Masset v. RuhAppellate Division of the Supreme Court of the State of New York · 1922