Marcelyn Bazelin Trust v. McCandless International Trucks, Inc.

OPINION

The issue presented on appeal is whether real property which is the subject of an exercised lease-purchase option should be valuated as if it were encumbered by an extension of the leasehold term that was not effectuated by the optionee. For the reasons set forth below, we conclude that the purchase price should be valuated as unencumbered by any lease extension.

*342 Facts

The parties are successors in interest of parties to a lease of real property. Appellants (“Bazlen”)1 succeeded in interest to the owners/lessors of the real property. Respondent McCandless International Trucks, Inc.,…