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Olympia & York Canary Wharf Ltd and another v Oil Property Investments ltd

Language: English Series: Estates Gazette ; (1994) 29 EG 121-123(3)Publication details: 1994Subject(s): Summary: CA 17 February 1994. An appeal by Olympia and York and Enterprise Petroleum Ltd, from a decision where the judge refused to declare that the defendant, Oil Property Investments Ltd, was unreasonably withholding consent to the assignment of the unexpired term of a lease by the first to the second plaintiff, on the grounds that the original tenant would determine the clause under a break clause. Briefly, the property was demised to the second plaintiff, EPL. The lease contained a break clause which gave EPL the right to determine the lease at the expiration of the 10th year of the term, and a requirement that the landlord should not unreasonably withhold consent to an assignment. In 1987, EPL assigned the lease to the first plaintiff , Olympia & York. In 1992, Olympia & York went into receivership, and the administrators sought OPIL`s consent for assignment of the lease to EPL; this was refused and the plaintiffs appealed. Held, dismissing the appeal. The break clause was not intended
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Law report London Journal article ABS51107 (Browse shelf(Opens below)) 1 Available 10491-1001

CA 17 February 1994. An appeal by Olympia and York and Enterprise Petroleum Ltd, from a decision where the judge refused to declare that the defendant, Oil Property Investments Ltd, was unreasonably withholding consent to the assignment of the unexpired term of a lease by the first to the second plaintiff, on the grounds that the original tenant would determine the clause under a break clause. Briefly, the property was demised to the second plaintiff, EPL. The lease contained a break clause which gave EPL the right to determine the lease at the expiration of the 10th year of the term, and a requirement that the landlord should not unreasonably withhold consent to an assignment. In 1987, EPL assigned the lease to the first plaintiff , Olympia & York. In 1992, Olympia & York went into receivership, and the administrators sought OPIL`s consent for assignment of the lease to EPL; this was refused and the plaintiffs appealed. Held, dismissing the appeal. The break clause was not intended