P, a sheep, and goat farmer leased 150 acres of land from one Aurea Correa. His leasehold was to run for a period of five years with an option to renew for an additional five. P was to pay $375 per month during the initial term, but the rent for the renewal period 'shall be renegotiated.' Mrs. Correa sold the land to real estate speculators who in turn sold it to West Indies Enterprises, the predecessor corporation to Co-Build (D). D took subject to P's rights under the pre-existing and duly recorded lease. Some six months before the first five-year term expired, P informed D of his intention to exercise the renewal option. D wanted $17,000 per month. D claimed highest and best use as industrial land. D refused lower offers from P and P filed the present action for a declaratory judgment setting out the rights of the parties under the lease.

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