[Download] "Medical Towers v. St. Lukes Episcopal Hospital" by Court of Criminal Appeals of Texas ~ eBook PDF Kindle ePub Free

eBook details

Title: Medical Towers v. St. Lukes Episcopal Hospital
Author : Court of Criminal Appeals of Texas
Release Date : January 24, 1988
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 69 KB

Description

St. Lukes Episcopal Hospital and the Third National Bank as Trustee, Appellees, initiated this action for a declaratory judgment pursuant to Chapter 37 of the Texas Civil Practice and Remedies Code to clarify the interpretation of a lease agreement. On April 3, 1954, the predecessor in interest of St. Lukes and the Bank, as lessor, negotiated a ninety-nine year lease for a tract of land located in the heart of the Texas Medical Center with the predecessor in interest of Medical Towers Ltd., as lessee. After the execution of the lease, the original lessee constructed a eighteen story medical office building, which is today known as the Medical Towers Building. Medical Towers, Ltd. which is a Texas limited partnership, purchased the Medical Towers building in 1983 and is the current lessee under the lease agreement. Rentals covering the term of the lease up to April 1, 1979, including periodic increases, were fixed by the lease agreement. After April 1, 1979, however, the calculated rental was to be "5% of the appraised value of the property," as adjusted at fifteen year intervals. At issue in this case is the proper appraisal method to be used in determining the appraised value of the property which will serve as a basis for calculation of the rental.