Petitioner is the owner of a tract of land in Queens County which was leased for a long term to respondent. The lease granted respondent an option to purchase at the "fair market ground value" of the land. The option could be exercised only while the lease was in effect and while respondent was not in default under the lease terms. There was a narrow arbitration clause in the lease which provided that if the parties could not agree on value of the land, then such value was...
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