Law360 Canada ( December 4, 2024, 3:34 PM EST) -- Appeal by Landlord from application judge’s order of specific performance, directing Landlord to convey properties to Tenant; cross-appeal by Tenant from AP’s conclusion that Landlord made valid tender. The proceeding involved a dispute over the exercise of options to purchase two commercial properties leased by the Tenant from the Landlord. The leases contained options allowing the Tenant to purchase the properties at a price equal to the midpoint of appraisals obtained by each party. The Tenant provided notice of exercising the options. The parties obtained widely divergent appraisals - $11,746,000 by the Tenant's appraiser and $31,200,000 by the Landlord's appraiser. The Tenant tendered $11,746,000, reserving the difference between its tender and the midpoint ($9,727,000) to be held in trust by its solicitor. The Landlord refused to close, contending that the purchase price should be the midpoint of $21,473,000. The Tenant brought an application seeking specific performance, while the Landlord sought a declaration that the options were null and void. The AP found that both parties obtained valid appraisals under the lease terms and ordered specific performance at the midpoint price of $21,473,000, concluding that the Tenant's tender of the undisputed amount and reserving the disputed balance was justified....