IMHO

Frustration - unforeseen circumstance that destroys the purpose of a contract. Under the "doctrine of frustration," further performance of the contract is excused. For example, if an agreement is reached to rent a room overlooking a parade, and then the parade is unexpectedly cancelled, the would-be renter need not go through with the contract. Also called commercial frustration, economic frustration.
- Random House Webster's Dictionary of the Law

Valencia argues that its lease with Publix, which began in 1963 and, with options, runs until 2001, should no longer be enforceable under the doctrine of commercial frustration and/or impossibility.

Valencia contends that payment of the increased tax creates an incapacitating burden upon it and, further, that the purpose for which it entered the lease agreement is frustrated since, at the time thelease was made, Valencia could not foresee the new method of appraisal and subsequent tax leap.
http://tinyurl.com/695p4h

Consider:
"In Re Hennepin County 1986 Recycling Bond Litig. , 540 N.W.2d 494, 502 (Minn. 1995) (citations omitted). Similarly, a 'party to a contract cannot take advantage of the failure of a condition precedent when the party itself has frustrated performance of that condition.' " from: http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=mn&vo...

See also:
http://mavrkylawcenter.blogspot.com/2005/08/contract-law-doc...

For an interesting historical precedent on the doctrine of frustration: http://query.nytimes.com/gst/abstract.html?res=9404E6DF1631E...

[PPT] www.morganlewis.com/pubs/6BE02096-9C4F-4F56-8A5C99...File Format: Microsoft Powerpoint - View as HTML
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