McLane & McLane an Arizona Law Partnership William Lee McLane and Nola McLane v. The Prudential Insurance Company of America, a New Jersey Corporation
Opinion
Opinion
Choy, J.
The district court granted Prudential Insurance Company of America’s (Prudential) motion for summary judgment and denied McLane & McLane’s summary judgment motion. We reverse and direct the district court to enter summary judgment for the plaintiffs and to determine the amount of damages to be awarded.
I. BACKGROUND
On June 15, 1973, McLane & McLane, an Arizona law firm, and Valley Bank Building, Inc. (Valley Bank) entered into a lease agreement. McLane & McLane leased the twenty-ninth floor of the Valley Center from Valley Bank for a “term of ... five (5) years (or sooner terminated as herein provided), commencing on the 15th day of Sept., 1973.” The lease gave McLane & McLane the option “to extend the term of the Lease for the further term of five (5) years upon the same terms and conditions, with the exception of rent, upon written notice given to Landlord at least six (6) months before the end of the term hereof.”
On March 8, 1978, over six months prior to the expiration of the original lease term, McLane & McLane notified Valley Bank that it was exercising its option to renew. Sometime thereafter, Prudential succeeded Valley Bank as McLane & McLane’s landlord.