Falcon Holdings, Ltd. v. Isaacson

Plaintiff leased from defendants Johnston 90 acres of rural property with a residence. The term of the lease was from February 1 through December, 1979, and the lease contained an option for plaintiff to buy the property for $265,000. Plaintiff paid the Johnstons $25,000 for the option, which could only be exercised between October 1 and December 21, 1979, “if tenant is not then in default.” After plaintiff took possession, it began extensive work on the property, which resulted in the filing of two construction liens on the property by defendants Isaacson and Kronberger.

On September 13,…