In April 1979, petitioner leased to respondent certain property owned by it in the Town of Tioga, Tioga County, for a period of 10 years with an option to renew the lease for two additional five-year terms. Under the lease agreement, the annual rental was the greater of $25,000 or 10% of the total admission ticket sales generated by respondent's operation of an automobile racetrack on the premises. Between 1979 and 1985, various disputes arose...
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