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G. Petitioner's Lease of the 4200 S.W. Corbett Street Property
Petitioner is located at 4200 S.W. Corbett Street, Portland,
Oregon (4200 S.W. Corbett St. property). Before moving to 4200
S.W. Corbett Street, petitioner leased buildings at 4343 and 4321
S.W. Corbett Street (old property). Petitioner leased the old
property from Mr. Cummings, doing business as Blackstone,3 under
an oral, month-to-month lease. The buildings on the old property
had about 15,000 square feet. Petitioner paid rent of $10,000
per month to Mr. Cummings.
In 1986, Mr. Cummings leased the 4200 S.W. Corbett St.
property from the American Red Cross for 12 years with an option
to buy. The 4200 S.W. Corbett property was a three-story, wood
frame building with about 33,631 square feet, a detached shop and
storage building with 3,969 to 4,050 square feet, and an annex or
residence with about 2,400 square feet. Mr. Cummings paid rent
of $8,164.61 per month ($97,975 per year) to the American Red
Cross. He agreed to pay real estate taxes, maintenance, and
insurance expenses on the property. The lease did not require
Mr. Cummings to perform major repairs.
The 4200 S.W. Corbett St. property was zoned for high
density multifamily residences. Before Mr. Cummings leased the
4200 S.W. Corbett St. property from the American Red Cross,
3 Mr. Cummings did business in the name of "The Blackstone
Co." (Blackstone) before and during the years in issue.
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