216 Jamaica Avenue, LLC v. S & R Playhouse Realty Co.

OPINION

SUTTON, Circuit Judge.

At stake in this case is the enforceability of a “gold clause” contained in a 1912 lease agreement.

I

In 1912, Salmon and Samuel Halle leased a parcel of land in downtown Cleveland from its owner, Realty Investment Corporation. The term of the lease was 99 years (through March 31, 2011), and the Halle brothers and their successors in interest retained the option of renewing the lease for another 25, 50 or 99 years (through as late as March 31, 2110). The lease agreement fixed the annual rent at $10,000 for the first two years, then increased the rent in periodic…