Commercial landlord secures termination of lease extension option

A commercial landlord acquired a very valuable parcel of real estate in downtown Nashville. At the time of the acquisition, the property was leased by a restaurant tenant. The lease had several years remaining. It also had an option exercisable by the tenant to extend the term by an additional seven years. The exercise option was conditional and the client and the tenant disagreed as to the continuing viability of the option in light of past events. The uncertainty over the option prevented the client from selling the property.

Waller filed suit on behalf of the landlord and, shortly before trial, secured an agreement by the tenant that the lease option was terminated. The client was subsequently able to sell the property.

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