Option to Purchase Property Contained Sufficient Material Terms—Option Contracts Need Not be Notarized or Acknowledged—Tenant’s Motion for Summary Judgment Denied on the Grounds that There Were Issues of Fact as to Whether the Option was Forgery, Including Whether a Signatory to the Option Had Actual or Apparent Authority
Property was subleased by “A’s” entity from “B.” “A” was a guarantor of the subtenant’s obligations. “A” alleged that “B,” as further consideration for the sublease, granted “A” “a written option to purchase the Property for $16 million” (option). However, “A” alleged that “B” “would not confirm the validity of the [Option] grant or the exercise thereof when ['A'] sought to exercise the Option….” “A” thereafter commenced the subject action against “B.” “A” sought a declaratory judgment declaring that the Option and the exercise thereof was valid and enforceable, specific performance of the Option to Purchase and costs and disbursements.
