Trustees of First Presbyterian Church v. Oliver-Tyrone Corp.

The sole issue presented on this appeal is whether the lower court erred when it ruled that the parties to a 999-year lease by their conduct did not manifest an intent to periodically renegotiate the rentals due under the lease. 1 We hold that it did not and affirm the decree of the lower court.

The chancellor below found the following facts. The lease in question was entered into on October 14, 1902, between the Trustees of the First Presbyterian Church of Pittsburgh as lessor and Henry W. Oliver as lessee. It was for a term of 999 years 2 and was given in exchange for a cash payment of…