U.S. Realty 86 Associates v. Security Investment, Ltd.

INTRODUCTION

HOWE, Chief Justice.

{1 Plaintiff U.S. Realty 86 Associates ("U.S.Realty") failed to timely exercise options to renew two commercial leases between itself and defendants Security Investment, Ltd., William L. Olson, and Barbara L. Olson (collectively "Security Investment"). U.S. Realty subsequently brought this action against Security Investment seeking a declaratory judgment that U.S. Realty was equitably excused from strict compliance with the renewal provisions of the leases, and that Security Investment had waived its right to receive timely notice under the leases. The trial…