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Case Notes
Insurance Lapse Deemed Not Curable
A New York commercial tenant has been denied a Yellowstone injunction and the right to cure a breach of its lease because that breach involved a gap in insurance, which sometimes cannot be cured. Toho Shoji (N.Y.) Inc. v VBG 990 AOA Member LLC, 2018 N.Y. Misc. LEXIS 3410 (Sup. Ct., NY Cty., 9/9/18).
Plaintiff tenant and the defendant landlord's predecessor in interest entered into a commercial property lease in 1991. One of the lease terms required the tenant to maintain, at its sole expense, liability insurance to cover the landlord and tenant. The lease required that such insurance be effective from day one of the lease term and throughout its remainder, and that the policy(ies) be with an insurance carrier and in an amount acceptable to the landlord. Further, the policy evidencing the insurance coverage was to be delivered to the landlord. Including possible extensions, the original 20-year lease could have remained in force until 2032.
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