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Tanay Recreation Center And Development Corp. vs. Catalina Matienzo Fausto, et al.

TANAY RECREATION CENTER AND DEVELOPMENT CORP., Petitioner, versus CATALINA MATIENZO FAUSTO+ and ANUNCIACION FAUSTO PACUNAYEN, Respondents.

G.R. No. 140182 | 2005-04-12

D E C I S I O N 


AUSTRIA-MARTINEZ, J.: 

  Petitioner Tanay Recreation Center and Development Corp. (TRCDC) is the lessee of a 3,090-square meter property located in Sitio Gayas, Tanay, Rizal, owned by Catalina Matienzo Fausto,[1] under a Contract of Lease executed on August 1, 1971. On this property stands the Tanay Coliseum Cockpit operated by petitioner. The lease contract provided for a 20-year term, subject to renewal within sixty days prior to its expiration. The contract also provided that should Fausto decide to sell the property, petitioner shall have the "priority right" to purchase the same.[2] 

  On...