Joyner v. Adams

Joyner v. Adams - Contracts 10/29 Principles of...

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Contracts 10/29 Principles of Interpretation Joyner v. Adams, North Carolina Court of Appeals, 1987 Facts : The Joyners owned Waters Edge Office Park. To develop the property, they leased to Brown Investment Company for an annual rent adjusted for inflation. Brown agreed, under the “Base Lease,” to remove all existing buildings, regrade the property, prepare an appropriate land plan, and subdivide the area into individual lots. When each lot was subdivided, the lease called for the execution of individual “Lot Leases” to take the place of the Base Lease. The rent due under the Lot Leases was based, in part, on the occupancy of buildings planned for each lot. Due to Brown’s financial difficulties, the lease was amended to substitute Adams as lessee/developer. The amendment suspended the annual rent increases and substituted for a fixed rate until September 30, 1980. By that time, Adams was obligated to have subdivided “all of the undeveloped land… whereby all portions are deemed lots and eligible for the execution of a Lot Lease.” If defendant failed to comply, the amendment required him to retroactively pay the amount of rent which would’ve been due under the terms of the Base Lease. As of September 30, defendant had complied with all except 1 lot. The one lot didn’t
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Joyner v. Adams - Contracts 10/29 Principles of...

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