In The Matter Of U.L. Radio Corp.

19 B.R. 537 (1982)

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Nature of the Case

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Facts

P entered into a lease with Jemrock (D). The building is also occupied by a grocery store, a Chinese restaurant, a liquor store, and 170 apartments. The term was for ten years. P filed Chapter 11 and continues to operate its business as debtor in possession. P is current in the payment of rent and related charges required by the terms of the Lease and is not in default of any of the Lease terms. P entered into an assignment of the Lease to Just Heaven. The president of Just Heaven has executed a personal guarantee for the payment of rent in favor of D for the first two years of the assignment, together with a statement that her net worth exceeds $50,000. The Lease provides that 'any noise emanating from said premises shall be deemed a breach of the terms and conditions of this Lease.' Just Heaven has allocated $20,000 for construction, including soundproofing. D opposed the assignment.