City of Panama City v. Pledger

Chapman, J. —

The record in this case discloses that the City of Panama City on August 8, 1930, as the owner of a certain tract of land entered into a written lease contract with the Southern Kraft Corporation, by the terms of which possession of certain lands was given to the Southern Kraft Corporation for a period of fifty years, with the right of renewing or extending the lease for an additional period of forty-nine years, and the option to purchase the land by the Kraft Corporation from the City of Panama City for the sum of $300,000 at any time within the fifty-year period. The lease…