Where the option is duly exercised, a contract arises for the sale and purchase of the demised premises and the usual consequences of such a contract follow1. The tenant is not, on the exercise of the option, entitled to the benefit of the landlord's insurance policy; but, where the option is exercised on the understanding that the landlord will rebuild premises which have been damaged by fire, and the landlord defaults on that understanding, the landlord is not entitled to specific performance
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