Cottonwood Hill, Inc. v. Ansay

PIERCE, Judge.

This action arises from an option exercised by plaintiff-lessee Cottonwood Hill, Inc. (Cottonwood) for purchase of certain property from defendants-lessors, Ronald J. and Clara E. Ansay (Ansay). Both parties appeal. We affirm.

Pursuant to its lease agreement with An-say, Cottonwood exercised its option to purchase by notifying Ansay in September 1988. The purchase option clause also provided that the purchase price was to be determined by appraisal of the property and that Cottonwood could purchase at such appraised price provided that that price was not less than $575,000. The…