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Case Notes
Option to Buy Is Exercised, and 'Tenant' Is No Longer a Tenant
A Georgia appeals court has upheld a trial court's decision to compel a commercial property owner to convey its previously-rented premises to the former tenant — later purchaser in possession — in accordance with the lease's purchase option, despite the fact that no money changed hands before the end of the option term. Siarah Atlanta Hwy, LLC v. New Era Ventures, LLC, 2019 Ga. App. LEXIS 238 (Ga. App. 5th Div. 5/1/2019).
Commercial landlord Siarah Atlanta Hwy, LLC leased a portion of its commercial property in Forsyth County, GA, to New Era Ventures, LLC, on May 1, 2015. The initial term of the lease was for 10 years, but the landlord retained the right to terminate the lease “for any reason whatsoever, by providing [New Era] with thirty (30) days written notice.”
Another section of the lease provided New Era with a purchase option, for which the tenant paid $175,000. The lease's purchase option stated:
31.1. Purchase Option. PROVIDED TENANT IS NOT IN DEFAULT AND HAS LEASED THE PROPERTY CONTINUOUSLY FROM THE DATE HEREOF UNTIL SUCH DATE, LANDLORD GRANTS TO TENANT, AFTER NINE (9) MONTHS FROM THE COMMENCEMENT DATE HEREOF, AND EXPIRING Forty-eight (48) MONTHS FROM THE COMMENCEMENT DATE HEREOF, ONLY (the “Option [*3] Period”), THE OPTION TO PURCHASE FROM LANDLORD THE REAL ESTATE OF WHICH THE PREMISES IS PART AND WHICH IS MORE PARTICULARLY DESCRIBED ON EXHIBIT B. TENANT MAY EXERCISE THE OPTION BY PROVIDING WRITTEN NOTICE TO LANDLORD AT LEAST NINETY (90) DAYS PRIOR TO THE DATE OF CLOSING (the “Option Event”).
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