Morris

Plaintiff appeals from a judgment denying his petition to vacate an arbitrators’ award, as corrected, and confirming the award as requested by defendant.

Facts-. On September 18, 1952, Mutual Housing Association, as “Seller,” and Grandview Building Co., as “Buyer,” entered into an agreement with respect to certain undeveloped real property in the Brentwood area of Los Angeles. By virtue of a written assignment in 1956, Mutual Withdrawees, Inc. (hereinafter referred to as “MWI”) succeeded to the rights of Mutual Housing Association.

On January 2, 1963, in accordance with a plan for the dissolution of Grandview, that portion of the property which had not been developed pursuant to the 1952 agreement was conveyed to Grandview’s sole shareholders, plaintiff and defendant, each receiving an undivided one-half interest. Each agreed to be personally bound by the 1952 agreement, and MWI consented in writing to the transfer on or about January 19,1963.

Under the 1952 agreement, the “Seller” (then Mutual Housing Association, Inc., now MWI) retained certain interests in the property, including a security interest under a deed of trust and the right to receive a share of the proceeds on a…