Old Port Cove Holdings v. Old Port Cove Condominium Association One
Florida Supreme Court
986 So.2d 1279 (2008)
- Written by Samantha Arena, JD
Facts
Old Port Cove Investment (OPCI) granted to Old Port Cove Condominium Association One (the association) (defendant) a right of first refusal in a parcel of property. The agreement between the parties provided that, if OPCI were to decide to sell the property, the association would have the chance to purchase the property under OPCI’s proposed terms and conditions before any other party was provided the opportunity to purchase. Twenty-five years after the agreement was entered into, OPCI’s successors, Old Port Cove Holdings (OPCH) (plaintiff), brought suit seeking to quiet title to the property, contending that the right of first refusal granted to the Association was in violation of the rule against perpetuities. The trial court declared the right void and quieted titled in OPCH. The association appealed, and the court of appeals reversed.
Rule of Law
Issue
Holding and Reasoning (Cantero, J.)
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