Nature of the Case
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Facts
D leased a small lot to P for a 10-year term at a rent of $100 per month. P was given an option to extend the lease for an additional 10-year term, under the same terms and conditions except as to the rental price. The renewal rental was to be fixed in such amount as shall actually be agreed upon by P and D with the monthly rental fixed on the comparative basis of rental values as of the date of the renewal with rental values at this time reflected by the comparative business conditions of the two periods. P gave the proper notice to renew, but the parties were unable to agree upon the rent. P sued D. Based upon the verdict of an advisory jury, the Chancellor fixed the new rent at $125 per month. D appealed.
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