Texas Company v. Peacock

SMITH, Justice.

June 1, 1938, respondents leased in writing to appellant’s predecessor certain real property as a service station site situate in Weiser, Idaho, for a term of 15 years commencing August 1, 1938, at the agreed rental of $55 a month. Appellant is the as-signee of its predecessor.

The lease grants unto lessee an option to purchase the leased property for $4,500 if exercised during the 15th year of the lease.

Appellant, July 29, 1953, before expiration of the lease, and before expiration of its 15th year, observed the requirements contained in said option to purchase. It executed and…