Interesting California lease case. The tenant exercised an option to purchase the property “at fair market value” but the parties’ appraisals were miles apart, predictably. The holding is narrow: the trial court should have awarded tenant credit for rent paid after exercising the option. But the opinion illustrates a broader message for options and future rent increases: vague references to fair market value invite dispute. Specify baseball arbitration or another process to determine fair market value! For more commentary by Andrew Noble, click here.