Crystal Blue Granite Quarries, Inc. v. McLanahan

Benham, Justice.

In 1960, Ms. McLanahan leased 79.9 acres for quarrying purposes for a 25-year period to the predecessor in interest of Crystal Blue Granite Quarries (“Crystal Blue”). The lease was assignable, and gave the lessee the right to renew for an additional 25-year period “upon the same terms and conditions [as the 1960 lease] with . . . specific exceptions.” The 1960 lease then provided that any renewal would provide for an increase in the minimum annual guaranteed rent from $750 to $1,200, and payment of the “prevailing rate” per cubic foot of usable granite quarried and removed, or…