IN THE MATTER OF U.L. RADIO CORP.
19 B.R. 537 (1982)
NATURE OF THE CASE: U.L. (P), filed a motion pursuant to 11 U.S.C.S. 365(f) to assume a lease with the landlord and to assign it to a third-party.
FACTS: P entered into a lease with Jemrock (D). The building is also occupied by a grocery store, a Chinese restaurant, a liquor store, and 170 apartments. The term was for ten years. P filed Chapter 11 and continues to operate its business as debtor in possession. P is current in the payment of rent and related charges required by the terms of the Lease and is not in default of any of the Lease terms. P entered into an assignment of the Lease to Just Heaven. The president of Just Heaven has executed a personal guarantee for the payment of rent in favor of D for the first two years of the assignment, together with a statement that her net worth exceeds $50,000. The Lease provides that 'any noise emanating from said premises shall be deemed a breach of the terms and conditions of this Lease.' Just Heaven has allocated $20,000 for construction, including soundproofing. D opposed the assignment.
ISSUE:
RULE OF LAW:
HOLDING AND
DECISION:
LEGAL ANALYSIS:
Get
free access to the entire content for Mac, PC or Online
for 2-3 days and free samples
of all kinds of products.
https://bsmsphd.com
No comments:
Post a Comment