Long v. Sergio

This is an action to reform an agreement contained in a lease dated May 1,1957, for a term of four years between the plaintiffs as tenants and the defendants as landlords.

The lease gives a “ first option ” to the plaintiffs to purchase the rented premises for $35,000 during the first year of the term, and for various increased amounts during the succeeding years. Contending that “ first option ” was no different from an absolute right to purchase, plaintiffs purported to exercise their alleged right in the fourth year for the stated price of $40,000 and when it was refused by defendant…