North Beach Investments, Inc. v. Sheikewitz

(concurring specially) .

In this case it appears that the contract 'between the parties, although called a lease and designating the parties as lessors and lessees, in truth and in fact the instrument contained a valid and binding option to purchase or purchase agreement:

“The Lessors do hereby grant unto the Lessees an option to purchase the demised property at the expiration of the 24th year of the term thereof, for a purchase price of Thirty-two Thousand, Five Hundred ($32,500.00) Dollars.”

Following this grant of the option to purchase the property, the contract then provides that written…