(DOWNLOAD) "Franklin A. Klair v. Dale L. Reese & John" by Supreme Court of Delaware ~ Book PDF Kindle ePub Free
eBook details
- Title: Franklin A. Klair v. Dale L. Reese & John
- Author : Supreme Court of Delaware
- Release Date : January 16, 1987
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
This appeal centers on the parties' divergent interpretations of a purchase option provision in a long-term ground lease which
grants the tenants the right to purchase the "leasehold premises . . . for a consideration to be determined at the then value
of the land." The tenants, Dale L. Reese and John W. Holsten, t/a Able Associates, who have exercised their option to purchase
the land, contend that this provision calls for the land to be valued as encumbered by their remaining leasehold interest
of over 70 years. The landowners, Franklin A. Klair, Charlotte Dudkewitz, and the Bank of Delaware as trustee under the will
of Norman E. Klair and by agreement with Ethel Helen Klair (the parents of Franklin and Charlotte), contend that the language
calls for the land to be valued as a fee simple, without the lease encumbrance. 1 In a declaratory judgment action brought by tenants, the Court of Chancery granted summary judgment in favor of tenants on
the valuation issue. The court ruled that the dispositive provisions clearly called for a lease encumbered valuation and that
it was not necessary to consider extrinsic evidence concerning the parties' intent, their course of conduct, or the standard
practice within the industry. We find that under the circumstances the court erred in failing to consider the relevant extrinsic
evidence, we reverse and remand for further proceedings.
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