An option contained in any lease to purchase the whole or any part of the leased premises, exercisable either during the term of the lease or immediately upon its termination, shall, if otherwise valid, be enforceable in accordance with its terms, irrespective of the rule against perpetuities. In any suit to enforce such option, the lessor, or the successors in interest of the lessor, shall not plead the rule against perpetuities as a defense, and the same shall not constitute a defense either in law or in equity: Provided, That this section shall not apply to any lease heretofore executed.
Structure West Virginia Code
Chapter 36. Estates and Property
Article 1. Creation of Estates Generally
§36-1-1. Creation of Estates; Necessity of Deed or Will
§36-1-2. Power of Attorney to Execute Deed of Land; Necessity of Writing
§36-1-3. Contracts for Sale or Lease of Land; Necessity of Writing
§36-1-4a. Memorandum of Trust; Requirements; Recordation
§36-1-5. Gifts of Personal Property
§36-1-7. Rights of Persons Not Parties to Instrument
§36-1-8. Conveyance by Attorney in Fact
§36-1-9. Conveyance of Various Interests and Future Estates in Land or Personal Property
§36-1-10. Operation of Conveyance in Excess of Actual Interest
§36-1-11. Fee Simple May Be Created Without Words of Limitation
§36-1-13. Limitations Contingent Upon Death
§36-1-14. Rule in Shelley's Case Abolished
§36-1-15. Contingent Remainder; Validity; Indestructibility
§36-1-16. Interest in Property Coupled With Power of Disposal
§36-1-19. Joint Tenancy; Tenancy by Entireties; Survivorship
§36-1-20. When Survivorship Preserved
§36-1-20a. Elimination of Need for Straw Party in Creating Joint Tenancy With Right of Survivorship
§36-1-24. Options in Leases Not Affected by Rule Against Perpetuities