Larissa leases to Metal Fabrication Corporation a 10,000 square-foot building under a written lease with a twenty-year term, rent payable annually. The lease includes a clause stating that Metal Fabrication is responsible for making all necessary repairs, including rebuilding the structure after its destruction by any cause beyond Larissa's control. The lease does not include a clause concerning its assignment. One day after the tenth rental payment, Metal Fabrication, without Larissa's knowledge or consent, assigns its interest in the lease to National Steel, Inc. Meanwhile, Larissa sells the building to Prime Properties, Inc. The next month, the building is destroyed in devastating storm. Metal Fabrication rebuilds it and files a suit against Prime Properties for the expense. The defendant responds that the lease has terminated. Is Prime Properties correct? If so, when did the lease terminate? If not, is Prime Properties liable for the cost of rebuilding the structure? Why or why not?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q58: A tenant may be allowed to withhold
Q59: Star Apartments wrongfully makes Tomas's use and
Q60: Burt wants to lease a residence for
Q62: Gary rents an apartment from Home Properties.
Q64: Pauline has a fixed-term tenancy for her
Q65: Clara rents an apartment from Dian that
Q66: Lora leases a farm owned by Meadowland
Q67: Sully leases an apartment owned by Tropic
Q68: Property Management Corporation (PMC)owns several apartment buildings
Q71: Nora orally agrees to rent an apartment
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents