- 3 - In June 1995, Drywall, as the lessee, and Marchant Corporation (Marchant), as the lessor, entered into a lease agreement for certain industrial property (the lease). The property was to be used by Drywall for manufacturing and distribution purposes. The term of the lease was 3 years beginning on August 1, 1995. Base rent, which increased from year-to-year, was initially $4,998.30 per month. A $5,664.74 security deposit was due when the lease was signed but the deposit was not made at that time. Petitioner and Mr. Schuster signed the lease as officers of Drywall; neither signed the lease in an individual capacity. Corwon J. Finley, petitioner's personal friend and business associate, was a guarantor on the lease, as was a corporation that he apparently controlled. By checks dated June 20, 1995, drawn on her personal checking account and made payable to Marchant, petitioner: (1) Made the security deposit required under the lease; and (2) paid the first month's rent, which was due August 1. The rent check was for $5,255.71. The parties did not explain why the amount was higher than required under the lease. Soon after the lease was signed, Mr. Schuster decided that he no longer wanted to be involved with Drywall. Petitioner believed that she could not successfully operate Drywall without Mr. Schuster and decided to abandon the project.Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011