The court considered whether Baketree Inc. validly exercised its option to extend a commercial lease with Nico Properties Inc., or whether alleged defaults precluded the extension.
The court found that Baketree met all preconditions for extension, including payment of rent, compliance with lease terms, and maintenance of financial strength.
Even if there had been a default, the court would have granted relief from forfeiture.
However, Baketree lost its right to negotiate a purchase of the property under Schedule E due to prior defaults, and the court declined to grant relief from forfeiture for that right.
