DCW Litigation Digest
Majestic Rayon Corp. v. Soho Office Suites, LLC
Landlord sued Lessee for use and occupancy of commercial lease.
Majestic Rayon Corp. v. Soho Office Suites, LLC
No. 651740/2022, slip op. (N.Y. Sup. Ct. Mar. 30, 2023) [USA]
Topics: Breach of Lease; Failure to Cure; Letter of Credit; Summary Judgment; Use and Occupancy
Parties:
• Plaintiff/Landlord/Beneficiary – Majestic Rayon Corp.
• Defendant/Lessee/Applicant – Soho Office Suites, LLC
No. 651740/2022, slip op. (N.Y. Sup. Ct. Mar. 30, 2023) [USA]
Topics: Breach of Lease; Failure to Cure; Letter of Credit; Summary Judgment; Use and Occupancy
Parties:
• Plaintiff/Landlord/Beneficiary – Majestic Rayon Corp.
• Defendant/Lessee/Applicant – Soho Office Suites, LLC
Note:
To support commercial rent obligations, Soho Office Suites, LLC (Lessee/Applicant) applied for and obtained a USD 449,895.85 letter of credit in favor of Majestic Rayon Corp. (Landlord/Beneficiary).[[1]] No details were provided regarding the LC issuer or whether the credit was subject to practice rules. Pursuant to the lease, Lessee/Applicant was also required to replenish “upon ten days’ notice” any sums drawn down by Landlord/Beneficiary in the event of lease defaults.