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In 1964, Texaco (P) executed a lease for property for 15 years subject to renewal by the lessee, for three additional five-year periods. The lease granted P the exclusive right to purchase the demised premises at any time during the term of the lease or an extension or renewal thereof, from and after the 14th year of the initial term for the sum of $125,000. Samowitz was the successor in interest in the lease. In 1987, P wanted to exercise the option to buy. D refused to honor the option. P sued for specific performance. The trial court ruled that the option did not violate the rule against perpetuities and found for P. D appealed.

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