Bond v. Peabody Coal Co.

MILLER, Judge.

Richard J. Bond and Janet A. Bond (the Bonds) and Peabody Coal Company (Peabody) are before this court on cross-appeals from a summary judgment in the Bonds' favor which ordered foreclosure of an underground coal option entered into between the parties. By the terms of a January 24, 1975 option agreement, Peabody was given a four-year option to purchase the underground coal located beneath certain real estate owned by the Bonds, along with attendant rights to mine and remove such coal. The parties also agreed that upon giving notice of its election to purchase under the option,…