Bullock's, Inc. v. Security-First National Bank

This is a declaratory relief action to establish the value of certain property as a basis for determining the rental to be paid therefor.

The property in question has a frontage of approximately 35% feet and a depth of approximately 149% feet. It is situated in Los Angeles on the west side of Broadway between Sixth and Seventh Streets. The respondent has occupied this and adjoining property for some fifty years, and operates thereon its department store known as Bullock's Downtown. The property was originally leased in 1906 for fifty years by respondent’s predecessor in interest. Rent was based upon a fixed percentage of the value of the land. In 1943 respondent entered into a new lease for the subject property commencing immediately after the termination of the prior lease.

The new lease was also for a term of fifty years, commencing June 1, 1956. It contained many provisions identical to those of the prior lease. The rent to be paid for the ten-year period commencing June 1, 1956, was set at “an amount equal to five per cent of the appraised value of the leased land fixed as hereinafter provided, but not less than $17,750 per year.” The lease thereafter set forth provisions…