Synergy Gas Corp. v. H.M. Orsburn & Son, Inc.

Tom Glaze, Judge.

This appeal involves a lease agreement between Synergy Gas Corporation (Synergy) and H. M. Orsburn & Son, Inc., (Orsburn). Synergy contends the chancellor erred in finding that Synergy failed to exercise its option to extend its lease and that it could have exercised the option to purchase contained in the lease only during a validly effected extension of the lease. The chancellor further held the option to purchase was void under the rule against perpetuities. We affirm.

On September 11, 1972, Orsburn and Sun Oil Company entered into a lease for real property for a primary…