premises, pursuant to a lease agreement between plaintiff, as the tenant, and Developer, as the
landlord (the "Lease Agreement"). The First Rider to the Lease Agreement, dated September 11,
2007, contained a provision governing the parties' right to terminate the five-year lease. It stated:
"Subsequent to the first consecutive twelve month anniversary of the rent, either party shall have
the right to terminate this Lease by providing at least ninety days (90) day [sic] written notice to
the other by certified mail, R.R.R. of overnight courier of its intent." Allen Gutterman Aff, Exh G
at ¶ 2. Title to the building was transferred from plaintiff to the Developer on October 9,
2007 and it is undisputed that the Lease Agreement took effect on such date. The Lease
Agreement also provided for a security deposit of $400,000 to be given by plaintiff to the
landlord. In pertinent part, paragraph 29 of the Lease Agreement stated:
The Tenant upon the Commencement of the lease will deposit with the Landlord the
sum of $400,000 as security for the payment of the rent hereunder and the full and faithful
performance by the Tenant. Tenant shall receive such amount with interest, after the expiration of
the term hereof, provided that the tenant has fully and faithfully performed all such covenants
and conditions and is not in arrears in rent. . . . The security deposit shall be deposited in a
banking institution at Landlord's discretion in a segregated account. Tenant shall be entitled
to interest minus 10% administration fee to Landlord.
Id., Exh F at ¶ 29 (emphasis added).
On May 15, 2008, plaintiff informed defendants that it would be vacating the building on
August 15, 2008. However, plaintiff, in fact, vacated the building on October 8, 2008. Plaintiff