CHRISTIAN, J.
In 1959 appellants Herbert and Sharon Layton took a 15-year lease of respondents' 42-unit apartment building. Appellants agreed both to pay monthly rent to respondents and to service certain encumbrances, of which the senior was held by Crocker-Citizens National Bank. The agreement gave appellants an option to purchase upon tender of a promissory note for an agreed price less the amount of outstanding encumbrances (which were to be assumed by appellants...
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