McKnight v. Broadway & Fourth Avenue Realty Co., 273 S.W. 32 (1925)

Citation: McKnight v. Broadway & Fourth Avenue Realty Co., 273 S.W. 32 (1925)
Parent Document: McKnight v. Broadway & Fourth Avenue Realty Co., 273 S.W. 32 (1925)
Jurisdiction: Kentucky (state)
Effective Date: 1925-06-05
Original Source: https://www.courtlistener.com/opinion/3455309/mcknight-v-broadway-fourth-aven... ↗

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_0n June 1, 1912, appellants’ father and predecessor in title, leased to appellee for 99 years a lot on the northwest comer of Broadway and Fourth avenue in Louisville. The lease obligated appellee: (1) To pay rentals, ranging from $12,000.00 to $18,000.00 per annum, plus all taxes, assessments, and other charges against the property; (2) to construct on the lot, prior to December 31, 1912, a temporary building, or buildings, to cost not less than $25,000.00; (3) to supplant same with a permanent building, at a cost of not less than $400,000.00 to be begun on January 1, 1923, and completed within two years thereafter; (4) to keep all buildings insured against fire, lightning and wind, for 80 per cent of their value, to endorse all such policies to and deposit same with a named trust company, which was to collect and hold any proceeds payable thereunder and to expend same at the direction of appellee in rebuilding or repairing the building destroyed or damaged, “Said improvements shall be at least equal in value, size, character, and height to the building or improvements which they *436

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