Trial Verdict in Commercial Lease Case.
Representing a commercial tenant – a federally-regulated broker dealer – our Business Litigation team secured the termination of a triple-net multi-year lease that was hampering the company and its business operations. Following Hurricane Irene, the leased premises suffered flooding and onset of mold in a portion of its rental space.
The landlord delayed repairs, passing blame to others and argued the affect on the tenant was minimal and resolved by a rental adjustment. Our team filed suit in Essex County Superior Court, arguing that under the Dependent Covenant Rule, the Court should terminate our client’s obligations under the lease, and award damages.
The Court agreed and ruled that the lease was terminated, resulting in our client’s relief from the lease and voiding nearly one million dollars in potential liability in future lease payments. The Court also ordered that the our client be awarded monetary damages.
See Investors Capital Corporation v. Montrachet Realty LLC, Essex Superior Court Civil Action No. ESCV2012-00022.