Noel Smith Dev. Co. v. National Filtronics, Inc.

This is an appeal by landlord from a judgment for tenant in a declaratory judgment action brought by landlord seeking forfeiture of the lease and eviction of tenant. We affirm.

The landlord is a Canadian corporation, which, in 1958, purchased the subject real estate, a large tract of land containing several manufacturing units and shop facilities together with an office building fronting Florence Boulevard in Florence, Lauderdale County, Alabama. The tenant is a corporation with no assets other than its leasehold interest in the subject property. The monthly rent was originally fixed at $2,975…