Tennessee Valley Kaolin Corp. v. Perry

NEARN, Judge.. On June 25, 1953, J. C. Kirby and Ollie Kirby, owners of a tract of land located in *489the 7th Civil District of Carroll County, granted a 30 year clay and mineral lease on their land to H. C. Spinks Clay Company, Inc. (hereinafter Spinks). The lease was recorded in the Kegister’s Office of Carroll County and under the terms of the lease Spinks agreed to pay 15 cents per ton for all clay or minerals sold and shipped from said tract of land with a guaranteed minimum annual payment of $10 for the first year, $25 for the second year, and $50 for each year thereafter.

On April 3, 1957,…