Colonial Theatrical Enterprises v. Sage

This is a bill for specific performance of an option to purchase a lease of the Colonial Theatre property in Detroit. Plaintiff is a $2,000 corporation, organized by Jacob Schreiber, his wife, and business manager to take over the option.

In 1915, the fee owner, Thomas Hunter, now deceased, gave Clare and Graham Hoffman a 30-year lease, with ground rental (for the 10-year period beginning 1925) of $18,000 per year, with taxes and •other charges.

Frank Farrington, who died after this suit was commenced, was a building contractor, constructed many theatres, arid was an experienced business man.…