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Contracts Keyed to Fuller
Moolenaar v. Co-Build Companies, Inc.
Citation:
354 F. Supp. 980 (D.V.I. 1973)Facts
In October 1967, Moolenaar leased 150 acres from Aurea Correa for his sheep and goat farm. The five-year lease included a renewal option for an additional five years, with the provision that rent “shall be renegotiated.” Before the renewal period, Correa sold the land to real estate speculators who then sold it to Co-Build. When Moolenaar attempted to exercise his renewal option in April 1972, Co-Build demanded $17,000 per month (compared to the original $375) based on the land’s potential industrial use, as it had been rezoned from R-10 to I-2. This amount was far beyond what Moolenaar’s agricultural business could support. When negotiations failed, Moolenaar sought a declaratory judgment to determine his rights under the lease.
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