Broadway Import & Export Ltd v Michael Levy & Life Of Jamaica

I N THE SUPREME COURT OF JUDICATURE OF Ja3MAICA
I N COMMON lLUW
SUIT NO. C.L. 1993 H.081
AND
AND
BROADWAY IMPORT & EXPORT
LIMITED PLAINTIFF
M I C m L LEVY FIRST DEFENDANT
LIFE OF JAMAICA LIMITED SECOND DEFENDANT
M r s . P. Banka-Coker Q.C. and Charles Piper I.mstructed by M e s s r s Piper
& Samuda for P l a i n t i f f .
Earl DeLisser and Anthony Pcarson instructed Isy Playfair, Junor and
Pearson for F i r s t Defendant.
Michael Hylton Q.C. & M i s s Michelle Eenry instructed by Myers, Fletcher
& Gordon for Second Defendant.
Beard: February 1, 2, 3, 4, 5 &
The facts i n this case arc simple but the answers they raise
are complex.
By a Lease dated June 1, 1991 and made between the f i r s t
defendant, Xichael Lcvy and the p l a i n t i f f , Broadway Import Export
Company Limited certain premises known as 13 Mandevillo Plaza,
Manaeville i n the parish of Manchester, beins the land registered at.
Volumc 1048 Folio 73 of the Register Ba>ok of T i t l e w e r e C d s e d to
the p l a i n t i f f from April 1, 1991 for the term of five years at a rent
of $120,000 per year.
By Clause 1 of the lease it was provided i n t e r a l i a , that the
f i r s t defendant granted to the p l a i n t i f f an cjption to purchase the
said premises for the price of $2 Million on the condition that the
option to purchase was exercisable within t w y~ea rs from April 1, 1991.
Since the 1st April, 1991, the p l a i n t i f f ha2 been i n actual
occupation of the premises at a l l material times.
Around December 1992 the f i r s t Cefendant by his agent orally
approached the p l a i n t i f f for a cancellation of the said Lcase and
offered to pay tc the p l a i n t i f f the sum of $800,000 as consideration