The plaintiff and defendants entered into an Option Agreement for the purchase and sale of a retro-fitted self-storage facility.
The plaintiff exercised a 'Put' option requiring the defendants to purchase the property at an appraised value.
The defendants refused to close, alleging the appraisal contained a manifest error and that the roof was defective, breaching a warranty.
The court found no manifest error in the appraisal and that the roof issues were maintenance problems which the defendants, as property managers, had failed to address.
The court granted specific performance of the sale at the appraised value of $7.3 million and awarded the plaintiff $728,080.05 in carrying costs.
