In 1960 the parties executed a lease agreement. By the agreement's terms, Con Edison was to lease a pipeline from Narrows Crossing at an annual rental of $125,000. Among defendant lessor's obligations was payment of taxes assessed on the pipeline. If defendant defaulted on its tax payments, plaintiff was entitled in certain circumstances under section 12 of the agreement to discharge any resulting lien and to "deduct any amount paid or expense so incurred from any amounts...
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