UNIVERSITY REALTY & DEVELOPMENT COMPANY, an Arizona corporation, Frank Mills, Jr., and his wife, Marge E. Mills, Glenn Koepke and his wife, Lou Ann Koepke, and Albyn G. Wolfe, Appellants, v. OMID-GAF, INC., an Arizona corporation and Donald Von Tress, a single man, Appellees, 508 P.2d 747

Summary

The question was whether the lessees had exercised the option to renew. The lessors contended that the option was not exercised for it was hand-delivered rather than sent by registered mail. The court was of the opinion that the notice was sufficient. The lessors also urged that there was not strict compliance in the mode specified by the parties. Specifically, they contended that the financial statements provided had to be those of the lessees. The lessees contended that the lease was ambiguous in that it did not make reference to whose financial statements were to be documented and that such ambiguity required that the lease provision be construed in favor of the tenant. If the basis of the trial court's ruling that the lease had been "substantially complied with" was grounded upon the belief that a provision of the lease was ambiguous, the court disagreed. The court, in reversing the judgment, held that the lease provision was unambiguous and the lessees failed to exercise the ...