Texaco, Inc. v. Creel

EXUM, Justice.

This is an action for specific performance of a fixed price option provision in a lease. The determinative issue is whether plaintiff, as defendants’ lessee, is entitled to specific performance. We conclude plaintiff is so entitled and affirm the Court of Appeals.

On 9 September 1949, the Texaco Company, plaintiffs predecessor in interest, leased from Thomas and Inez Pendergraft, defendants’ predecessors in interest, a lot located next to Fowler’s Food Store in Chapel Hill. The lease was to begin on 1 February 1950 and run for ten years with the lessee given the option to extend…