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Contracts Keyed to Calamari
Plantation Key Developers, Inc. v. Colonial Mortgage Co. of Indiana, Inc.
Facts
The Plaintiff, Plantation Key Developer, Inc. (the "Plaintiff"), is a builder of condominiums. The Defendant, Colonial Mortgage Co. of Indiana, Inc. (the "Defendant"), is the Plaintiff's permanent lender. A dispute arose under a loan arrangement between the Plaintiff and the Defendant, in which the Defendant promised to provide mortgage funds to the purchasers of Plaintiff's condominiums from 1973 to 1975. There was a three-phase process involved. First, The Defendant agreed to provide mortgage money through December 31, 1974 at the rate the rate of 9% plus 3 ½ points. Second, the Defendant had the option to extend the agreement for six months "with adjustments in interest and points made if market conditions so demand." Third, the Defendant had a second six-month option to extend its commitment, based on the same market based adjustment as in number two. The Plaintiff paid a nonrefundable commitment fee of $60,000. If the Defendant exercised either six month option, the Plaintiff agreed to pay the Defendant $30,000 each time. A dispute arose with regard to the Defendant's adjustment of the interest rates and points during the first extension – January 1, 1975-July 1, 1975. The Defendant proposed increasing the interest rate to 9 ¾ % and charging 9 points. The Plaintiff refused to pay the required $30,000 for these terms and brought suit.
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