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Express conditions must be enforced unless they work a forfeiture.
In Sy Jack Realty Co. v Pergament Syosset Corp. (27 NY2d 449, 452), the Court gave effect to a late notice of lease renewal. Importantly, while the court reaffirmed the general rule 'that notice, when required to be 'given' by a certain date, is insufficient and ineffectual if not received within the time specified,' the court held that the prior courts properly invoked the rule that equity 'relieves against ... forfeitures of valuable lease terms when default in notice has not prejudiced the landlord' (id., quoting Jones v Gianferante, 305 NY 135, 138; see also, J. N. A. Realty Corp. v Cross Bay Chelsea, 42 NY2d 392, 397 ['when a tenant in possession under an existing lease has neglected to ... renew, he might suffer a forfeiture if he has made valuable improvements on the property']). The court stated: 'Since a long-standing location for a retail business is an important part of the good will of that enterprise, the tenant stands to lose a substantial and valuable asset' (id., 22 NY2d, at 453).
Restatement (Second) of Contracts § 229 discusses the excuse of ...
