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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PhotoPoint failed to pay rent due under the lease for the months of April, May, June, and July 2001. As a result, 250 caused the bank to draw down the letter of credit by $98,908.34 on May 23, 2001, and $49,454.17 on June 12, 2001. PhotoPoint did not cause the bank to restore these amounts to the letter of credit. On June 26, 2001, PhotoPoint executed a general assignment for the benefit of creditors to Sherwood as assignee, an event of default under the lease. On July 16, 2001, 250 caused the bank to pay 250 the $563,777.49 remaining on the letter of credit. On or about August 14, 2001, 250 served on PhotoPoint a “Notice of Belief of Abandonment,” and a “Notice to Quit” containing an election to forfeit the lease.