Reconstruction Finance Corp. v. Mouat. Mouat v. Reconstruction Finance Corp

On December 20, 1941, M. W. Mouat, individually, and May Paula Mouat, individually and as trustee of an express trust, hereafter called the Mouats, and Metals Reserve Company, a corporation, 2made a written agreement, hereafter called the lease, whereby the Mouats leased to Metals Reserve Company three patented lode mining claims, 20 unpatented lode mining claims, one unpatented placer mining claim known as the Lake placer mining claim and one unpatented tunnel site in Stillwater County, Montana, for the term of 10 years from and after December 20, 1941, subject to earlier termination as provided in the lease. The lease contained 31 numbered paragraphs. Paragraphs 14, 15, 17 and 20 are pertinent here.

Paragraph 14 provided: “The Lessee [Metals Reserve Company] may at anytime after January 1, 1942, on ninety days’ notice to Lessors [the Mouats] and by the payment of One Thousand Dollars ($1,000.-00), surrender and terminate this lease * * *»

Paragraph 15 provided: “ * * * Upon the expiration of this lease or the termination of this lease * * * Lessee shall have six (6) months’ additional time to remove from the leased premises its personal property and its tools, equipment,…