California National Bank v. Woodbridge Plaza LLC

Opinion

RYLAARSDAM, Acting P. J.

This appeal involves interpretation of a provision dealing with calculation of rent for the extended term of plaintiff California National Bank’s lease of premises owned by defendant Woodbridge Plaza LLC. The language in question provides plaintiff’s new rent, to “be at the then prevailing rate,” is not to exceed rent paid by a competitor bank or “successor” in the same shopping center. At the time of plaintiff’s extension, however, the competitor was defunct and its space had been divided and leased to six smaller, nonbank tenants. The court found “successor”…