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MADISON AVE v. MADISON ASSOC

8 N.Y.3d 59 (2006)

861 N.E.2d 69

828 N.Y.S.2d 254

MADISON AVENUE LEASEHOLD, LLC, Appellant, v. MADISON BENTLEY ASSOCIATES LLC, et al., Respondents.

Court of Appeals of the State of New York.

Decided December 19, 2006.

Attorney(s) appearing for the Case

Kucker & Bruh LLP, New York City (Catherine A. Helwig, Nativ Winiarsky, Alan D. Kucker and Patrick K. Munson of counsel), for appellant.

David Vanderpool, New York City, and Seymour I. Hurwitz for respondents.

Chief Judge KAYE and Judges CIPARICK, ROSENBLATT, READ, SMITH and PIGOTT concur.

OPINION OF THE COURT

GRAFFEO, J.

In this action brought by a landlord to collect on a personal guaranty signed by two individuals, the issue is whether a tenant who paid monthly rent but did so in an untimely manner was in "monetary default" under the terms of the lease and guaranty. Based on the particular language chosen by the parties in these documents, we conclude that the late payment of rent in this case did not constitute a "monetary default."

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