In 2008, a company leased a certain portion of land from my uncle for a fee of 750k paid every 5yrs for 15yrs. The company later leased the property to glo for a substantial amount way bigger than they paid my uncle, for the establishment of a mast. For 10yrs my uncle has been paid titbits from the actual amount he was supposed to be paid and he enjoys no incentive whatsoever from glo.
My family has decided to truncate d deal with d company and demand that either glo establishes a new contract with my uncle or they remove their mast from the land.
We need advice from experienced people as regards this situation. Thanks.

AGREEMENT IS AGREEMENT.

That is the simple and painful truth!

ProEnergy:
In 2008, a company leased a certain portion of land from my uncle for a fee of 750k paid every 5yrs for 15yrs. The company later leased the property to glo for a substantial amount way bigger than they paid my uncle, for the establishment of a mast. For 10yrs my uncle has been paid titbits from the actual amount he was supposed to be paid and he enjoys no incentive whatsoever from glo.
My family has decided to truncate d deal with d company and demand that either glo establishes a new contract with my uncle or they remove their mast from the land.
We need advice from experienced people as regards this situation. Thanks.

Good.
This is smart but look well before you leap

Their was no agreement that the company could sublet the property.

post=69910159:
AGREEMENT IS AGREEMENT.

That is the simple and painful truth!

ProEnergy:
Their was no agreement that the company could sublet the property.

In order to answer your question, I would start with what state is the property located?

Rivers

Misslynx:

In order to answer your question, I would start with what state is the property located?

following

ProEnergy:
Rivers

My advice would be that your uncle should seek the services of a competent lawyer to look into the agreement for any loopholes. Since it was not expressly stated in the lease agreement that the company is forbidden to sub-lease to a third party, the company is free from any liability and therefore have not breached any covenant here.

No incentives whatsoever attached. What do you mean by your uncle being paid titbit? Also, do you mean your uncle is paid 750k every 5 years or 750k every year?

like what the first response said. "agreement is agreement". provided you uncles is given his due 750k, he has no reason to complain because that is the agreement. even if the company received 10million from glo, its not his business.

you uncles should just endure since its just five years remaining, when its times to renew the agreement. he can demand what ever he wants

750k after every 5yrs

sunbilor:
No incentives whatsoever attached. What do you mean by your uncle being paid titbit? Also, do you mean your uncle is paid 750k every 5 years or 750k every year?

meaning 150k a year....guy the money is just too low but like others have rightly said ' your uncle must respect the agreement'.

ProEnergy:
750k after every 5yrs

That's too poor.

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visit a lawyer simple. nothing like agreement is agreement in this. that is not a fair share, at most they will re-negotiate the deal.