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City Fox's commercial space (the Jacobs lease). The Jacobs lease
included the West retail space (ground floor and mezzanine),
Second floor office space, and unfinished Third floor office
space.18 The lease was for an initial term of 5 years at a rate
of $3,000 per month. The terms of the lease provided that Jacobs
was obligated to pay all expenses associated with the leased
portion of the premises, including all janitorial services,
utilities, real property taxes allocable to leased portion of the
premises, and comprehensive general liability insurance. Jacobs
was also required to make all major repairs.
The Jacobs lease granted Jacobs ten separate options to
extend the lease term for a period of 5 years for each option.
Additionally, the lease granted Jacobs an option to repurchase
the commercial portion of the property for $10,000 if the
commercial portion of the property could be subdivided legally
into condominiums.
Shortly after the gift to the Players, Jacobs determined
that subdivision of the commercial portion of the property would
not be commercially feasible. Consequently, Jacobs and the
Players amended the lease on June 26, 1987. The amended lease
rescinded Jacobs' right to subdivide the commercial space and his
option to purchase after such subdivision. The amended lease
18 As mentioned, Jacobs installed a staircase and finished
the Third floor office space subsequent to his gift of the
property.
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