Gallant v. Lake States Mutual Insurance

Plaintiffs appeal as of right an order of summary judgment granted to defendants. The parties have stipulated to an agreed statement of facts.

Plaintiffs were the owners of a business located in a building at 32435 Grand River in Farmington, Michigan. The premises were leased from H.C.B. Investment Company. Under the lease, plaintiffs were required to maintain fire insurance on the premises.

Plaintiffs entered into a lease-purchase agreement with David A. Sinacola Enterprises, Inc. It provided that the corporation could buy the business, at its option, from the plaintiffs at the end of the…