Leonard
San Francisco & Suburban Home Building Society v. Leonard
Opinion
Lead Opinion
Hart, J.
The plaintiff is a corporation, organized under the laws of the state of California.
The business of said corporation is that of selling improved real estate, and for that purpose it became the owner of a large number of lots situated in what is designated as “Jordan Tract,” in the city of San Francisco. The scheme of the corporation was the erection of dwelling-houses on the lots in said tract and the selling or the leasing thereof.
On the twenty-sixth day of January, 1905, tie plaintiff and the defendant, Joseph A. Leonard, entered into a written agreement, by the terms of which said Leonard became, for the term of four years from the first day of January, 1906, the manager of plaintiff’s business, for the performance of the duties of which he was to receive certain stipulated compensation.
Among other, covenants, said contract contained the following: “In the event that the land owned or hereafter acquired by the Society in the ‘Jordan Tract’ is finally built up by the erection of houses as now contemplated, or building operations thereon are suspended for ninety (90) days on account of inability to sell houses and lots at a profitable price, or if, for any reason, the net…