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Landlord & Tenant Law - Commercial tenancies - Rent - Amount of rent

Thursday, September 29, 2016 @ 8:00 PM  

Appeal and cross-appeal by parties to a long-term lease from a decision overturning an arbitration award. The appellant owner and respondent tenants were parties to two 100-year leases. The rent-reset clause of the leases was a source of longstanding dispute over the meaning of the term, “fair market value of the demised lands”. The 1990 reset resulted in proceedings that ultimately held demised lands should be valued as if vacant, but subject to a lease. Fair market value was determined without including a hypothetical freehold residential...