Seixas v. Hegeman

Motion for summary judgment is granted. The guaranty was not intended to terminate until bona fide leases of the annual face amount of $215,000 had been secured, eighty per cent of which (in amount) were not to expire before May 1, 1931. The bondholders were to have the protection of the guaranty until *561they could be sure that $215,000 in rentals would be received each year, and that eighty per cent of that amount at least was to continue after May 1, 1931. This amount was fixed at a definite figure, to be stipulated in bona fide leases. It was not contemplated that the amount was to remain…