Owner's Refusal to Sell Property Constitutes Breach

April 28, 2009
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Facts: A tenant entered into a 10-year lease that contained a clause giving it the option to purchase the property at the end of the lease period. The lease did not indicate how the option to purchase must be exercised. After approximately two years, the tenant merged with another company and sought to exercise its right to purchase the property by giving the owner notice that it intended to exercise the purchase option. The owner never responded.

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