The opinion of the court was delivered by: LUONGO
Plaintiff, Medspan Shipping Services, Ltd. (Medspan), instituted this suit to enforce rights accruing to it upon alleged termination of an agreement with defendant, Prudential Lines, Inc. (Prudential), for the lease of a crane. The asserted termination was based upon Prudential's failure to make timely payments of rent. Medspan seeks to recover the balance of rental payments under the lease as well as the return of the crane which is currently located in Egypt.
I. FINDINGS OF FACT
1. Plaintiff Medspan Shipping Services, Ltd. is a corporation organized and existing under the laws of Bermuda with its registered office at Bank of Bermuda Building, Hamilton 5, Bermuda. (Stipulation of Facts, Document No. 20, P 1).
2. Defendant Prudential Lines, Inc. is a corporation organized and existing under the laws of Delaware with its principal place of business at 1 World Trade Center, New York, New York 10048. (Id. P 2).
3. On April 10, 1980, Medspan and Prudential entered into an Equipment Lease Agreement whereby Medspan agreed to lease to Prudential a Model 7700 Clark Lima Div. 300 ton crane for a period of 20 years in consideration, inter alia, of the payment to Medspan of $ 1,600 per month due the tenth of each month. A copy of the Equipment Lease Agreement is attached as Exhibit "A" to the Amended Complaint. (Id. P 3).
4. The Equipment Lease Agreement was executed as a condition of the settlement of another civil action. (Id. P 4).
5. From the inception of the Lease and continuing through the present, the crane has been located and used by Prudential in Egypt. (Id. P 5).
6. The following is a list through September 1, 1981 of payment due dates under the Lease and the date of checks issued by Prudential in payment thereof. No check was tendered to Medspan prior to the date on the check.
7. Medspan filed the original complaint in this proceeding on June 18, 1981. Prudential accepted service of the complaint on June 22, 1981. (Id. P 7).
8. The original complaint solely sought payment of accrued rent and interest which at that time was undisputedly due and owing. (Document No. 1-Prayer for ...