Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

As for the commercial space Kidd owns, business has been way off for the chain that occupies the premises. It's a design your own pizza

image text in transcribed
As for the commercial space Kidd owns, business has been way off for the chain that occupies the premises. It's a "design your own pizza" concept and apparently the customers have started to run out of creative energy. They just want good pizza, all the time, without having to think any more about the process. The CEO has already approached Kidd but Kidd refused to meet with "that stalker," telling him over the phone that "your people need to meet with my people -- that's just how I operate." Kidd, unsatisfied with the first lawyer has told you (you will be acting as Kidd's lawyer in this exercise as further explained below) that he's inclined to let them out of the lease. Kidd's girlfriend wants the restaurant appliances and equipment for the house they're building in Manhattan Beach, California; there's nothing in writing about the equipment, which Kidd figures is a very good thing. Kidd also just got word that the city is trying to condemn the commercial property to turn it into a private school, something Kidd says it has no right to do. The restaurant chain borrowed the money to buy the pizza ovens (financing statements were signed and recorded but referenced the wrong equipment and were recorded 11 days after the goods became fixtures). Kidd also has a mortgage on the commercial property, which he stopped paying on once he found out about the city's condemnation efforts (the city hasn't given notice though yet and the mortgagee wants to be paid). Three contractors also did work at the restaurant, at the behest of the commercial tenant, without Kidd's knowledge and consent. All three contractors filed liens against the property and Kidd thinks those liens are the pizza chain's problem, not his

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Law questions