2006 New York Code - Lessor\'s Damages For Non-acceptance, Failure To Pay, Repudiation, Or Other Default.

 
  Section 2-A-528. Lessor's  Damages  for  Non-acceptance, Failure to Pay,
                     Repudiation, or Other Default.
    (1) Except as otherwise provided with respect to damages liquidated in
  the lease agreement (Section 2-A-504) or otherwise  determined  pursuant
  to agreement of the parties (Sections 1-102(3) and 2-A-503), if a lessor
  elects  to  retain  the goods or a lessor elects to dispose of the goods
  and the disposition is by lease  agreement  whether  or  not  the  lease
  agreement  qualifies  for  treatment  under Section 2-A-527(2), or is by
  sale or otherwise, the lessor may recover from the lessee as damages for
  a default of the type described in Section 2-A-523(1) or 2-A-523 (3)(a),
  or, if agreed, for other default of the lessee, (a) accrued  and  unpaid
  rent  as of the date of default if the lessee has never taken possession
  of the goods, or, if the lessee has taken possession of the goods, as of
  the date the lessor repossesses the goods or an earlier  date  on  which
  the  lessee  makes  a tender of the goods to the lessor, (b) the present
  value as of the date determined under clause (a) of the total  rent  for
  the  then remaining lease term of the original lease agreement minus the
  present value as of the same date of the market rent at the place  where
  the  goods  are  located  computed  for the same lease term, and (c) any
  incidental damages allowed under Section 2-A-530, less expenses saved in
  consequence of the lessee's default.
    (2) If the measure of damages provided in subsection (1) is inadequate
  to put a lessor in as good a position as  performance  would  have,  the
  measure  of  damages  is  the  present  value  of  the profit, including
  reasonable overhead, the lessor would have made from full performance by
  the lessee, together with any incidental damages allowed  under  Section
  2-A-530,  due allowance for costs reasonably incurred and due credit for
  payments or proceeds of disposition.