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BAY RIDGE FED. SAV. & LOAN ASS'N v. MORANO

199 A.D.2d 354 (1993)

605 N.Y.S.2d 377

Bay Ridge Federal Savings and Loan Association, Respondent, v. John Morano, Appellant

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

December 20, 1993

Ordered that the judgment is affirmed, with costs.

In March 1975 the plaintiff signed a lease to rent premises owned by the defendant. The lease provided for an initial term of 15 years with an option for the tenant to renew the lease for up to three additional 15-year terms. The lease also gave the tenant an option to purchase the property for $350,000. In March 1987 the plaintiff informed the defendant that it intended to exercise its rights under the option to...

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