Mercantile Exchange Leasing Corp. v. Astor-Broadway Holding Corp.

Plaintiff leased certain premises from defendant by an agreement, dated November 15,1955, for a term of 10 years commencing April 1, 1956. In the period prior to the commencement of the term, plaintiff was obliged to take certain steps preparatory to the use and exploitation of the space and to deposit $25,000 Avith the defendant. Pursuant to article 39, plaintiff could cancel on or before March 1, 1956, not*136withstanding anything to the contrary contained in the lease, in which event the $25,000 deposit is to be returned. Provision for additional deposit for security in the sum of $150,000 is…