Plaintiffs leased to defendant property at 364 Lexington Avenue for a term of twenty-one years expiring February 28, 1950, at a graduated annual rental of $15,000 for the first ten years and $17,000 for the remainder of the term. The lease contains an option to renew for two additional terms of twenty-one years each. The lease provided a formula for fixing rent for the extended term by adding to $1,500,...
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