The parties entered into a joint venture to purchase and convert a property into a self-storage facility, which included a put/call agreement.
The respondent exercised the put, forcing the appellant to purchase the property at a price determined by an appraiser.
The appellant refused to close, alleging the appraiser made a manifest error by not using the income approach.
The trial judge granted specific performance to the respondent and awarded substantial indemnity costs based on an unserved offer to settle.
The Court of Appeal dismissed the appeal, finding no manifest error in the appraisal, upholding the award of specific performance for the vendor, and confirming the costs award.
