Harbor Marina v. Golden Hills Properties CA4/3
This is the second appeal concerning a dispute arising out of the exercise of an option by Golden Hills Properties, LLC (defendant) to purchase the leasehold interest of plaintiff Harbor Marina, LLC (plaintiff) in a commercial property ground lease. In a nutshell, after the purchase price was determined, defendant refused to pay unless it received an offset for net operating income plaintiff earned before the transaction closed.
In the first appeal (Harbor Marina, LLC v. Golden Hills Properties, we reversed and remanded to the trial court with directions to enter a specific performance judgment in favor of plaintiff. We also directed the court to: (1) “determine and allocate income and expenses to place the parties in the same position they would have been in” but for defendant’s wrongful demand for an offset; and (2) calculate the date on which the sale should have closed, i.e.
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