250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)

Citation: 250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
Parent Document: 250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
Jurisdiction: California (state)
Effective Date: 2005-07-28
Original Source: https://www.courtlistener.com/opinion/2281319/250-llc-v-photopoint-corpusa/ ↗

Other Sections in This Document (165)

250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
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The lease in question was for a five-year term beginning on April 10, 2000. The lease defined “Security Deposit” to mean cash in the amount of $49,544.17, a sum equal to one month’s base rent, as provided in section 6.A of the lease, and the letter of credit required under section 6.B. Section 6.B stipulated that, in addition to the cash security deposit, PhotoPoint would arrange for issuance by a bank of an irrevocable letter of credit in favor of 250 as beneficiary in the amount of $890,175.00, a sum equal to 18 months’ base rent. PhotoPoint was obligated to cause the issuing bank to immediately restore any amount drawn on the letter of credit. Provided PhotoPoint was not in default under the lease, the letter of credit was to be reduced by $178,035 — one-fifth the original amount — at the end of each year in the lease term. Pursuant to this provision, the letter of credit was reduced on March 30, 2001, to the sum of $712,140.