Exxon Corp. v. M & Q HOLDING CORP.

For street-widening purposes, the City of Virginia Beach on November 13, 1975 1 acquired fee simple title to a parcel of land owned by M & Q Holding Corporation and leased to Exxon Corporation. Subsequently, an agreement was reached whereby the total value of the property taken and damage to the residue of the owners’ land was fixed at $122,425, of which the sum of $3,925 was allocated to Exxon for the expense of removing personal property, leaving the balance of $118,500 as the amount in controversy between M & Q, the lessor, and Exxon, the lessee. After conducting a hearing, the trial court…