United States Trust Co. v. Nedab Holding Corp.

This action seeks a declaration with respect to the appropriate rental to be paid by the defendants. The original lease agreement made May 3, 1929, was for a period to run from August 1, 1929, to July 31,1950, and provided for a net annual rental of $43,000 for the period ending August 31, 1939, $49,000 for the ensuing period ending July 31, 1944, and, finally, $54,000 until July 31, 1950. The lease likewise provided for two renewals, each for a period of twenty-one years, the first of which was to be secured by the defendants by notice in writing given not later than July 31, 1949. If in the…