KEL KIM CORP. V. CENTRAL MARKETS, INC.
524 N.Y.S.2d 384 (1987)
NATURE OF THE CASE: This was an appeal from a summary judgment. Kel Kim (P), lessee and
individual guarantors, sought review of an order affirming an order that granted Central
(D), lessors', motion for summary judgment declaring that a lease between was nullified, and
directed P to vacate the premises.
FACTS: Central Markets, Inc. (D) leased an old supermarket to Kim Corp. (P) to be used as
a skating rink. The lease specified that P was to carry liability insurance for $1 million.
The term of the lease was for 10 years with two five-year renewal options. The lease carried
a standard force majeure clause. P carried the insurance for the first six years until the
insurer notified P that it would not renew. P obtained insurance for $500,000 due to a
liability insurance crisis. D demanded compliance or forfeiture. P filed a declaratory
relief action; the force majeure clause excused its obligation to maintain insurance. The
trial court granted summary judgment to D, dismissed the action, and voided the lease. The
Appellate division affirmed. P appealed.
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.
for 2-3 days and free samples of all kinds of products.
https://bsmsphd.com
© 2007-2016 Abn Study Partner
No comments:
Post a Comment