At 10:30, Tuesday, April 21, 2015, the Court will hear the case of Intrepid v. Joseph S. Asa Bennett.
Intrepid was leasing two parcels of agricultural land that came to be owned by Bennett. Each lease had an initial 13 year term with two succeeding five year terms. The initial rent was $81,500 for the T.J. Carter Place and $120,000 for the Craigside Place. The lease allowed the rent to be increased for the five year periods based upon “an increase in land rent customary in the area for similar property.” In January 2009, Bennett demanded what Intrepid considered excessive rent. When Intrepid refused to pay the new amount, Bennett terminated the leases. Intrepid sued and the court granted judgment on the pleadings for Bennett on the grounds that the terms under which the rent could be raised were not sufficiently specific to be enforceable.
Intrepid’s rebuttal brief
You can watch the argument here.
The panel is made up of Justices Waller, Chandler and King and they appear to be leaning toward Intrepid. I have to say that Intrepid’s attorney, Lindsey Meador, is very good.