Kaufman Bros. Construction, Inc. v. Estate of Olney

Mr. and Mrs. Gerald Southards appeal the granting of a forfeiture in a lease-option agreement.

In the summer of 1971, Elmer A. Olney leased 80 acres of farmland to Mr. and Mrs. Southards with an option to purchase the property for $30,000 (less lease payments) prior to the expiration of the lease on February 28, 1976. The lease, among other provisions, required the Southards pay as rental the sum of $1,000 on or before the 1st day of March and October of each year. The lease further provided these payments would be credited toward the purchase price of $30,000 should the option be exercised.

Ove…