Mutual Employees Trade Mart v. Silverman

This is an appeal by the defendant lessee, from a summary final decree cancelling a lease. The complaint alleged a 20-year lease on improved real estate at a rental of $80,000.00 a year, payable monthly, and that certain installments of rent were defaulted. It was prayed that the court decree the lease “cancelled and terminated, and that all parties are relieved from further obligation and responsibility thereunder.” The lease required the lessee to pro*617vide a security fund of $70,000 (subsequently increased to $73,750) to be held by the lessors under certain terms and conditions as follows:

“(a…