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Contracts Keyed to Ayres
Market Street Associates Limited Partnership v. Dale Frey
Citation:941 F .2d 588.
J.C. Penney Company entered into a leaseback arrangement with General Pension Trust in order to finance J.C. Penney’s growth. Under the arrangement J.C. Penney sold properties to the pension trust which later leased the properties back to J.C. Penney for a term of 25 years. The contract stated that the lessee could request lessor to finance the costs and expenses of the additional improvements on the leased properties. The pension trust agreed to “give reasonable consideration to providing the financing of such additional improvement,” and both parties should be negotiating in good faith. The contract goes on to state that if negotiations over improvements broke down the lessee shall be entitled to repurchase the property at the price it was approximately sold to the Pension Trust in the first place, plus 6% for every year since. J.C. Penney assigned one of their leases, a shopping center, to the plaintiff. The plaintiff wanted to renovate the a store in the shopping center and began looking around for funding. The plaintiff decided to try and buy the property. An executive of the plaintiff called an executive of the defendant who was responsible for the property. The executive did not return the plaintiff’s calls. Eventually the executive of the defendant stated that they would sell the property for $3 million which the plaintiff said was too high. Later the plaintiff sent a letter to the defendant requesting funding for $2 million in improvements. The letter did not mention the lease, or the paragraph stating the option. The letter told the defendant’s representative to call the plaintiff’s representative. The defendant’s representative did not respond. The plaintiff sent another letter. The plaintiff finally received a letter from the defendant’s representative stating that the defendant did not make loans for less than $7 million. The plaintiff later sent a letter stating that they were exercising the option in the contract to buy the property. The defendant refused to sell the the plaintiff sued.
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