CINCINNATI: A federal appeals court has ruled that a building owner can enforce a clause in a 1912 lease requiring rent to be paid in gold coin for a landmark Cleveland skyscraper.
The 6th U.S. Circuit Court of Appeals in Cincinnati sent the case back to U.S. District Court in Cleveland to determine the equivalent rent that S&R Playhouse Realty Co. owes for the Halle building with the ''gold clause'' enforced. The court also must address any remaining S&R defenses.
The building is owned by 216 Jamaica Avenue LLC, which filed a breach-of-contract lawsuit in 2006 against S&R demanding rent equivalent to the value of 35,000 1912 gold coins. S&R has paid $35,000 annually in American currency since assuming the lease in 1982. It balked at paying the gold-value, which would be a much higher amount. The lower court sided with S&R.
CINCINNATI: A federal appeals court has ruled that a building owner can enforce a clause in a 1912 lease requiring rent to be paid in gold coin for a landmark Cleveland skyscraper.
The 6th U.S. Circuit Court of Appeals in Cincinnati sent the case back to U.S. District Court in Cleveland to determine the equivalent rent that S&R Playhouse Realty Co. owes for the Halle building with the ''gold clause'' enforced. The court also must address any remaining S&R defenses.
The building is owned by 216 Jamaica Avenue LLC, which filed a breach-of-contract lawsuit in 2006 against S&R demanding rent equivalent to the value of 35,000 1912 gold coins. S&R has paid $35,000 annually in American currency since assuming the lease in 1982. It balked at paying the gold-value, which would be a much higher amount. The lower court sided with S&R.
By Associated Press
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