Lease Assignee Doesn't Own Former Tenant's Structure
Facts: For over 30 years, an auto body business rented commercial property made up of several buildings. Ten years into the lease, the tenant built a small building on the property to use as a “paint room” where it could paint cars it had repaired. A few years later, it renewed the lease for a 20-year term, with an option to purchase the property. The tenant could exercise the option at any time during the lease if it gave 60-days' notice.