Matter of Missionary Sisters of Sacred Heart, III v. NY St. Div. of Hous. & Community Renewal

In Matter of Missionary Sisters of Sacred Heart, III v. NY St. Div. of Hous. & Community Renewal (283 AD2d 284, 724 N.Y.S.2d 742 [1st Dept 2001] Sisters, the preferential rent rider was "granted to the tenant because of the present economically depressed market." (Id. at 285.) The rider granting preferential rent in Missionary "was specifically tied to economic conditions prevailing at the time the lease was executed, and was to apply for that particular lease term." (Id. at 289.) The preferential rent in Missionary Sisters was conditioned for a limited duration, and there was no ambiguity about the rider's duration. (Id. at 288.)