Headquarters in downtown Metropolis

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Acme Pharmaceuticals owns two lots next to its headquarters in downtown Metropolis. No buildings stand on the lots, and for several decades Acme has encouraged the public to use the land for picnics and recreational purposes. Acme has to dispose of the land because of the property tax burden, but the company does not want the public to lose the opportunity to use the land. The only willing buyer was Isaac Investor. Accordingly, Acme sells the two lots "to Isaac for life, but if the property is ever used commercially, then to the City of Metropolis." Who owns what interest in the land?

Reference no: EM133856867

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