Petrolink, Inc. v. Lantel Enters.

*378 I.

INTRODUCTION

In this appeal, plaintiff Petrolink, Inc. (Petrolink) seeks a modification of a judgment entered in its favor on its cause of action for specific performance. Petrolink leased a parcel of undeveloped property from defendant Lantel Enterprises (Lantel), pursuant to a lease agreement that included a provision allowing the lessee to purchase the property at the fair market value of the property according to an appraisal. Petrolink notified Lantel of its desire to exercise the purchase option, but the parties obtained appraisals that were far apart in their valuation of the property. The parties ultimately could not agree on the fair market value of the property.

The parties sued each other, each asserting various causes of action, including specific performance, claiming that the other party had refused to complete the sale and purchase transaction, and essentially seeking a judicial determination as to *286 the fair market value of the property. During the pendency of the litigation, Petrolink continued to pay Lantel monthly rent on the property.

The case went to trial before a judge. At trial, Lantel did not dispute that Petrolink had exercised the purchase…