Fairfield Lease Corp. v. Pratt

On January 7, 1966, U-Vend, Inc., of Yonkers, New York, hereinafter referred to as the lessor, and the defendant, the lessee, entered into a so-called lease agreement which provided for the rental of a coffee machine for the term of thirty-six months beginning on the date of delivery of the machine to the lessee. For the use of the equipment, the lessee agreed to pay the lessor rent of $39.50 per month for thirty-six consecutive months beginning on January 10, 1966. The lease contained an *538acceleration clause (clause 15) by the terms of which, in event of default, the lessee “shall be liable…