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Case Notes
It's Not the Money Spent, It's the Level of Conformance
Mississippi's Supreme Court has upheld the decision of a lower court proclaiming a lessor's lease cancellation appropriate, as substantial compliance with the lease terms was missing in spite of the large sums of money the lessee invested in the properties, and the lessee's offered no evidence on appeal that would indicate the lower court decision was erroneous. Watkins Dev. v. Jackson Redevelopment Auth., 2019 Miss. LEXIS 356 (Miss. 10/3/19).
The Jackson Redevelopment Authority (JRA) leased several parcels along Farish Street in Jackson, MS, to a predecessor lessee that failed to perform on the terms of the lease. JRA then permitted a new tenant, the Farish Street Group (FSG), to take over the long-term lease. The new parties then renegotiated the lease, which required FSG to renovate the properties in what was to be an "entertainment district" and lease them to retail tenants within a prescribed period of time. Several years passed, however, and the improvements promised were largely unfinished. In addition, none of the properties had yet been leased to retail tenants. JRA therefore terminated the lease, leading to a dispute between the parties in The Hinds County Chancery Court, where the lessees argued that they had invested substantial sums of money in an effort to perform as contracted and that JRA had given them assurances that the timelines in the lease were flexible. Chancery Court found that the lease was properly terminated. The lessees appealed.
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The Article 8 Opt In
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