Madison Avenue Leasehold, LLC, Appellant v. Madison Bentley Associates LLC, Respondents

Summary

The New York Court of Appeals affirmed the summary‑judgment dismissal of the landlord’s claim, holding that the tenant’s late but full rent payments did not constitute a “monetary default” under the lease and therefore did not defeat the early‑termination clause of the guaranty. Consequently, the guarantors’ obligations expired before the tenant’s breach, and the landlord’s waiver arguments were deemed academic.