Mehling v. Evening News Ass'n

The parties involved in this case are ■successors under a 96-year lease that contains a provision for decennially setting a value on leased land. The annual rental is then to be computed at ■6% of that figure. As the final step for determination of value, the parties being unable to reach agreement, the lease provides:

“The 2 appraisers shall appraise the said reasonable value of said land. In the event that the 2 appraisers so appointed cannot agree, they shall select a third appraiser, and the decision of any 2 ■of the 3 appraisers shall be binding.”

Between December 14, 1959, and July, 1960,…