Confidential
Settlement – $200,000Judge
Court
Santa Clara Superior
Attorneys
Plaintiff
Defendant
Experts
Plaintiff
Stevan C. Adelman
(technical)
Defendant
Catherine C. Sprinkles
(technical)
Facts
The plaintiff landlord entered into a 10-year lease of office space to the defendant tenant, American Express. The Addendum to the lease provided the tenant with the right to terminate the lease after five years. The right had to be exercised within a six-month window. The clause required written notice to the landlord "provided that such notice is delivered to the lessor after Jan. 1 2003 and prior to June 30, 2003." An agent for the tenant mailed the notice via certified mail on June 26, 2003 which arrived in the landlord's office on July 3, 2003. American Express maintained the right was timely exercised and left possession of the office space.
Settlement Discussions
The plaintiff last demanded $600,000. The defendant last offered $125,000. The case was settled at $200,000.
Damages
The office space in Silicon Valley has not been relet. Past due rent through the date of the settlement conference was $218,500. Future rent for the remaining term of the lease would be $458,700 discounted to present value. The defendant maintained the premises could have been relet or would be before the term expired.
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