MALLERY, J.
On September 27, 1944, defendants leased the Varsity Arms, a twenty-one-unit apartment building in Seattle, to plaintiffs for a period of ten years. The lease provided, inter alia:
"35. If the Lessee shall faithfully and punctually perform all of the terms of this lease the Lessee shall have the option to purchase the said property on September 30, 1954 (but not before nor later) for the consideration of Fifty Thousand Dollars ($50...
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