In 1970, plaintiffs leased a warehouse to Overmeyer Corporation (hereinafter Overmeyer) and at the same time Overmeyer executed a conditional assignment to plaintiffs of the subleases it then had or would obtain for the warehouse. According to its terms, the assignment agreement would take effect whenever Overmeyer was in default on its primary lease, and plaintiffs reserved the right to apply rents they collected from the subtenants to either past or current obligations...
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