Amendment Didn't Extinguish Excessive Vacancies Clause

July 30, 2013
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Facts: A tenant that sold electronic equipment leased space in a shopping center in 1973. A significant provision of the lease—the excessive vacancies clause—provided for abatement of rent in the event that the occupancy of the shopping center dropped below a certain amount. Over the course of the next several decades, the tenant and owner agreed to multiple extension agreements, the last of which excused the tenant from paying percentage rent and required it to pay only fixed minimum rent.

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