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Contracts Keyed to Epstein
Moolenaar v. Co-Build Companies, Inc.
Citation:
354 F. Supp. 980 (1973)Facts
In October of 1967, plaintiff Moolenaar, a sheep and goat farmer, leased 150 acres of land from one Aurea Correa. His leasehold was to run for a period of five years with an option to renew for an additional five. Moolenaar was to pay $375 per month during the initial term, but the rent for the renewal period “shall be negotiated.” In April of 1972, six months before the first five year term expired, Moolenaar informed Co-Build of his intention to exercise the renewal option. Co-Build expressed its willingness to extend the lease at a “renegotiated” rent of $17,000 per month. Co-Build justified this figure by the high price it had paid for the land, and by its great value if put to industrial use. Moolenaar proposed a considerably lower figure and indicated his desire to meet for direct negotiations. All such offers were declined. Moolenaar filed the action for a judgment setting out the rights of the parties under the lease.
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