O'DONNELL

—This is an action for declaratory and other relief with respect to the rights and obligations of the parties under a master lease of the Orpheum Building and a purchase money note and deed of trust on the leasehold estate.

Plaintiff O’Donnell, as trustee of certain trusts, is the holder of the note and beneficiary of the trust deed. Weintraub was the trustor of the trust deed and the lessee under the master lease. Orpheum Realty, Inc., is a California corporation to which Weintraub purported to assign the master lease. Faye T. Goldstone, cross-complainant, is the executrix of the will of Phil Goldstone, and in that capacity is lessor under the master lease.

In November 1954, a master lease was entered into for the Orpheum Building in Los Angeles, between Phil Goldstone as lessor and Standard Enterprises, Inc., as lessee, under a 50-year lease designated herein as “master lease.” Paragraph 15(2) of the master lease provides that the lessee may assign, if not in default, on certain conditions, including the following : 1 ‘ That the assignee shall in writing assume and agree to keep, observe and perform all of the agreements, conditions, covenants and terms of this lease on the…