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general partner of the 1203 Partnership and by the president of
the PC.
In contrast to the contracts at issue in In re Estate of
Wise, supra, where the Supreme Court of Nebraska determined that
a subsequent contract was intended to supplement an earlier
contract, the 1990 agreement makes no reference to any earlier
agreements executed between the PC and the 1203 Partnership. The
1990 agreement is complete in and of itself. As a contract
complete in itself, varying a material term, the 1990 agreement
replaces the 1986 agreement.
The 1203 Partnership’s rental income from the PC during the
years in issue, therefore, is not attributable to a written
binding contract entered into before February 19, 1988.
With respect to the three lease agreements between BMS and
the 1203 Partnership executed from July 1, 1984, to November 1,
1989, petitioners make the same arguments as with the PC rental
agreements. The BMS agreements, however, are distinguishable in
that they create month-to-month tenancies. Each agreement
provides that the term of the lease is from the date on which the
agreement was executed and further provides: “There shall be no
ending term and the lease shall be offered by lessor and accepted
by lessee from month to month.”
In some jurisdictions, a month-to-month tenancy is
considered a continuous tenancy, and in some it is considered a
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