State of California v. Agostini

This is an appeal from a judgment decreeing specific performance of a contract to convey real property arising out of the alleged exercise of an option granted to respondent State of California by the terms of a lease.

In October, 1946, respondent and appellants entered into a lease under which the State of California rented an office building in Oakland from appellants for a 10-year period at a monthly rental of $4,800. An option to purchase the building at any time after the beginning of the seventh year of tenancy was granted by paragraph 9 of the lease for the sum of $250,000. According to…