- 3 -
FNF agreed to pay $1,000 per year in rent plus all maintenance
and taxes on the land.
The lease contained an initial term of 10 years with two
options to renew for 10 years each. The options to renew
required FNF to give written notice to decedent. The lease also
specified that any holdover by the tenant with the landlord's
consent "shall be construed as a tenancy at will and shall be
determinable at the will of * * * [landlord] upon * * *
[landlord] giving notice in writing to * * * [tenant] to vacate
said premises."
During the 10-year term of the lease, FNF made numerous
improvements on the land for the purposes of its business and at
its sole cost. These improvements included a lunchroom, a
storage building, fumigation and truck bays, a storage-warehouse
building, nut bins, and asphalt paving. The improvements could
be removed by taking down the buildings and digging out the
concrete and asphalt.
The initial term of the lease expired on December 31, 1992.
FNF never exercised its option to renew the lease. After the
expiration of the lease and until the time of trial, FNF
continued to occupy the land and use the improvements located
thereon.
Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011