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Interfinancial Properties Inc. v. Mary T. Cristal Trust

Plaintiff failed to satisfy an express condition precedent to its right of first refusal to purchase lease property.

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Interfinancial Properties, Inc. and Studio X, Inc. collectively “plaintiffs” appeal from the trial court’s order granting summary judgment to the Mary T. Cristal Trust, Robert Krasnoff and Richard Browdy collectively “defendants” in this breach of contract case arising from a right of first refusal to purchase clause in a commercial lease. In their appeals, plaintiffs assert identical arguments as to why the trial court erred by granting summary judgment. Specifically, plaintiffs assert that the trial court erred by 1 interpreting the right of first refusal to impose the condition that Studio X must enter into a separate and binding contract in order to properly exercise its right of first refusal; 2 ruling Studio X did not timely and properly exercise its right; 3 implicitly ruling that the defendants had no duty to provide signed and suitable documents to Studio X; and 4 finding no waiver of the conditions in the right by the trust. After considering each of these arguments, we affirm.

The record shows that the Trust and Studio X entered into a commercial lease that gave the following right of first refusal to Studio X:

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