Lodging Property Brokers v. Chang CA1/5

I. FACTUAL AND PROCEDURAL BACKGROUND

Before December 17, 2010, the real property located at 700 Eddy Street, in San Francisco (the Property), was co-owned by Jane and Grace (the Changs), Harry P. Vance, John M. Vance III, Evelyn Peralta Ley-Coleman, William Vance Ley, the successor trustees of the 1995 Amelia Vance Ley Trust, Patricia A. Briggs, and Nancy J. Evans- Sundberg. The Changs collectively owned a 50 percent interest, while the remaining owners (collectively the Vance heirs) owned the remaining 50 percent interest. In addition, the Changs operated the Red Coach Motor Inn on the Property, under a written

1 Because respondent and her sister, Grace Chang, share the same last name, we will refer to each by first name only. No disrespect is intended.

1 lease agreement. Under the lease, the Changs had a right of first refusal to buy the other owners‘ interests. Specifically, the lease provides: ―In the event the lessor receives a bona-fide offer to purchase the demised property at any time during the lease period, which offer is acceptable to lessor, then lessee shall have the right of refusal to purchase the demised property on the same terms and conditions as…