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A & D Asphalt Co. Inc. v. Carroll & Carroll of Macon Inc.

Even if the plaintiff's first letter exercising its option to purchase leased property was ineffective, the letter did not constitute a rejection of the option which remained in effect throughout the term of the lease.

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In September, 1995, Carroll & Carroll of Macon, Inc. entered an asset purchase agreement with A & D Asphalt Company whereby Carroll purchased A & D’s business and essentially all of its assets. Carroll and A & D also entered a lease agreement whereby Carroll was given a five-year lease on real property belonging to A & D, which included 17.4 acres of land, an asphalt plant, shop facilities and administrative offices. The lease agreement contained a provision which gave Carroll the option to purchase the leased premises for $175,000 but only at such times as it was not in default under the agreement or any contemporaneously-executed instruments or agreements. On June 18, 1996, A & D informed Carroll by letter that Carroll was in default of the lease agreement because it had installed an underground natural gas line on the property. A & D further informed Carroll that, pursuant to the lease agreement, A & D would declare the lease canceled and terminated if the alleged default was not cured within 30 days.

By letter dated June 20, Carroll disputed A & D’s contention that it was in default and asked for clarification of the basis for A & D’s contention. The dispute was not resolved, and on August 1, A & D sent a letter to Carroll declaring that the lease had been canceled and terminated as of July 19. On August 9, Carroll sent a certified letter to A & D stating that it was exercising its option to purchase the property.

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