Noel Estate, Inc. v. Louisiana Oil Refining Corp.

ODOM, Justice.

By contract dated July 16, 1927, J. L. Monkhouse leased to defendant a filling station for a consideration of $5,000 cash, in hand paid. The lease was for a period of five years from the date of the agreement “or as long thereafter as may be required to sell such quantities of gasoline and oils, which at the rate of one cent (1Í) per gallon for gasoline and fifteen cents (15^) per gallon for oils would pay to the lessee the sum of Five Thousand ($5,000) Dollars.”

The lease was recorded. Plaintiff purchased the property from Monkhouse subject to the lease, and on April 13, 1936,…