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Victor D. Young Vs. Court Of Appeals

VICTOR D. YOUNG and JOHNNY YOUNG, petitioners, vs. COURT OF APPEALS, as nominal party respondent, and FAUSTA B. JAGDON, AMPARO R. CASAFRANCA and MIGUELA R. JARIOL, respondents. Ramires, Corro & Associates for petitioners. Navarro Law Office collaborating counsel for petitioners. Manuel V. Trinidad and Efren V. Ramirez for private respondents.

G.R. No. 83271 | 1991-05-08

D E C I S I O N


CRUZ, J.:

On November 7, 1961, the estates of Humiliano Rodriguez and Timoteo Rodriguez leased to Victor D. Young a parcel of land consisting of 840 square meters and located at Colon Street, Cebu City, on which the latter's building, then known as Liza Theater (later renamed Nation Theater), was standing. The contract of lease contained the following stipulation:

(8) That at the end of this lease contract or after the twenty-first (21st) year, the LESSORS may purchase the LIZA THEATRE building (excluding movie projectors, equipment, and other movables of the business of the LESSEE) at their option from the LESSEE by...