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KLAIR v. REESE

531 A.2d 219 (1987)

Franklin A. KLAIR, Charlotte Dudkewitz, and Bank of Delaware, as Trustee, Defendants Below, Appellants, v. Dale L. REESE and John W. Holsten, t/a Able Associates, Plaintiffs Below, Appellees.

Supreme Court of Delaware.

Decided: September 16, 1987.

Attorney(s) appearing for the Case

Thomas Herlihy, III (argued), Herlihy and Wier, Wilmington, for appellants Klair and Dudkewitz.

Andrew P. Taylor, Cooch and Taylor, Wilmington, for appellant Bank of Delaware.

John R. Carrow, Wilmington, Guardian ad litem.

Richard J. Abrams, Richards, Layton & Finger, Wilmington, for appellees.

Before CHRISTIE, Chief Justice, MOORE, and WALSH, Justices.

CHRISTIE, Chief Justice:

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...

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