The parties entered into a lease dated May 14, 1965, for five years for the store and basement premises at 136-77 Roosevelt Avenue, Flushing. At the end of the first five-year term, tenant exercised its lease option and renewed for a second five-year term. Under paragraph "40" of the lease, rent escalation was provided as follows: $1,125 per month for the first two years; $1,250 per month for...
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