Jeffreys-McElrath Manufacturing Co. v. Faulk

A owned, certain realty on which there were standing trees suitable for sawmill purposes. On May 17, 1927, for a consideration of $1150, A conveyed to B all the timber on the land, providing in the contract of sale that B was to have five years in which to cut and remove the timber, and that B should “have such additional time, not exceeding five years, as may be desired, in which to cut, saw, and remove the timber, and to exercise the privileges herein given and as stated, but that for such additional time” B should pay to A “ten per cent, of the purchase-price hereinbefore stated, the same…