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GAYLORDS NAT'L CORP. v. ARLEN REALTY & DEV. CORP.

112 A.D.2d 93 (1985)

Gaylords National Corporation, Respondent, v. Arlen Realty & Development Corp., Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

July 18, 1985

Defendant's predecessor leased certain commercial premises on Government Blvd. in Mobile, Alabama, from Alice Mae Corporation in 1959. The lease was for 12 years, terminating at the end of February 1972, at an annual rental of $56,000, plus 1¼% of the tenant's gross sales that exceed $4,480,000 per year. The lease also contained, in paragraph 18, an option to renew for an additional 10-year term. Defendant (Arlen) exercised this option to renew, and in November 1971...

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