Alice owned a commercial property, Eastgate, consisting of a one-story building rented to various retail stores and a very large parking lot. Two years ago, Alice died and left Eastgate to her nephew, Paul, for life, with remainder to her godson, Richard, his heirs and assigns. Paul was 30 years old and Richard was 20 years old when Alice died. The devise of Eastgate was made subject to any mortgage on Eastgate in effect at the time of Alice's death. When Alice executed her will, the balance of the mortgage debt on Eastgate was less than $5,000. A year before her death, Alice suffered financial reverses; and in order to meet her debts, she had mortgaged Eastgate to secure a loan of $150,000. The entire principal of the mortgage remained outstanding when she died. As a result, the net annual income from Eastgate was reduced not only by real estate taxes and regular maintenance costs, but also by the substantial mortgage interest payments that were due each month. Paul was very dissatisfied with the limited benefit that he was receiving from the life estate. When, earlier this year, Acme, Inc., proposed to purchase Eastgate, demolish the building, pay off the mortgage, and construct a 30-story office building, Paul was willing to accept Acme's offer. However, Richard adamantly refused the offer, even though Richard, as the remainderman, paid the principal portion of each monthly mortgage amortization payment. Richard was independently wealthy and wanted to convert Eastgate into a public park when he became entitled to possession. When Acme realized that Richard would not change his mind, Acme modified its proposal to a purchase of the life estate of Paul. Acme was ready to go ahead with its building plans, relying upon a large life insurance policy on Paul's life to protect it against the economic risk of Paul's death. Paul's life expectancy was 45 years. When Richard learned that Paul had agreed to Acme's modified proposal, Richard brought an appropriate action against them to enjoin their carrying it out. carrying it out. There is no applicable statute. The best argument for Richard is that 
Acme cannot purchase Paul's life estate, because life estates are not assignable.  the proposed demolition of the building constitutes waste. Richard's payment of the mortgage principal has subrogated him to Paul's rights as a life tenant and bars Paul's assignment of the life estate without Richard's consent. continued existence of the one-story building is more in harmony with the ultimate use as a park than the proposed change in use.