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generations. At the time of decedent’s death, all of FNF stock
was held by decedent, his son, his daughter, and a trust for
decedent’s grandchildren.
On January 1, 1983, decedent, as landlord, and FNF, as
tenant, executed a lease for a 5-acre tract of land located in
Waterford, California (the premises).1 Under the terms of the
lease, FNF agreed to pay $1,000 per year in rent plus all
maintenance and taxes on the premises. The lease contained an
initial term of 10 years, with two options to renew for 10 years
each.
During the initial 10-year term of the lease, FNF made the
following improvements on the premises for the purposes of its
business and at its sole cost:2
1. Lunchroom: The building has a wood frame with corrugated
steel or aluminum siding and windows. It covers 1,200
square feet. The building is placed upon a cement
foundation. The corner supports are plates that are nailed
into a four by four. An interior hallway is covered with
plywood and leads to men’s and women’s restrooms.
2. Pole barn: This building is used to store walnut trailers.
It has a wood frame with corrugated aluminum siding nailed
1 The 5-acre tract is on a ranch of 135 acres owned equally
by decedent, his son, and his daughter. The 5 acres leased by
FNF are located in the middle of the ranch.
2 These improvements currently remain on the premises.
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Last modified: May 25, 2011