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HomeMy WebLinkAbout0979 ~ ROYAL ESTAT~S, INC. V. GEORGE COPPOLA, et als. Defendants argue that since the Plaintiff is a corporation, its life could not be considered a"life in being" for the purpose of the rule against perpetuities. Are there any other."lives in being" by which the term of the agreement can be measured? The Court believes that the lives of JOHN L. LESTER and RUTH W. LESTER, his wife, and ROBERT R. COX and JOAN P. COX, his wife,.may be used since these four are parties ~ ~ to the agreement as sellers. During their lifetime, if the i ~ agreement was otherwise valid, it could be enforced against ' their interest in the property which is the subject matter of this suit. While it appears that MRS. LESTER and MRS. COX have no present interest in said property, they could be held subject to tne agreeme~~~. if ~ur~~~y- ~.~i~ ~~~~~i::~ ~::~j ' ~ ~ an interest in the property. It is the Court's opinion that Plaintiff's "right of first refusal" under the agreement would vest, if at all, as to the interest of the individual defendants ' during their lifetime. Therefore, it is the Court's conclusion ~ ~ that the agreement, on its face, as a matter of law, does not ~ ~ ~ violate the rule against perpetiuties. . ~ # ~ ° It is further the Court's conclusion that the agree- ~ ~ r of law is not an unlawful restraint ~ ment, on its face, as a matte , ~ . ~ against alienation. The agreement does not prevent the Defendants, ~ ~ LESTER and COX, from selling the property. They may convey all ~ ~ ~ of their right, title and interest to anyone, after first offer- ~ ~ _ _ ' ~ ing the property to the Plaintiff at the same price and upon the ~ ~ same terms and conditions. If the Plaintiff failed to exercise ~ its right of first refusal within fifteen days from written T~ r~; ~ k.~: presentment of the offer, or does not then close the transaction ~ ' within sixty days from delivery of abstract, the Plaintiff's ~ ~ ~ t`sNh rights under the agreement would terminate. This, in the Court's ~ ~ ~ ~ -2- ~ E: RK ~5 PAGE 9 Ip ~ ; . ~ FI . . _ . _ . . ~ ~ ~ . . .