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Contracts Keyed to Summers
Brown-Marx Associates, Ltd. v. Emigrant Savings Bank
Facts
In May 1978, Brown-Marx Associates (Plaintiff) obtained a loan commitment from Emigrant Savings Bank (Defendant) in order to purchase and renovate a building. The loan commitment provided for a ceiling loan of $1.1 million or, in the alternative, a floor loan of $750,000.00. Plaintiff would receive the ceiling loan if certain conditions were met by the time of closing, including satisfactory renovations of the building and signed leases worth at least $714,447.00 annually. If Plaintiff was unable to renovate or meet the minimum annual rental requirement by closing, Plaintiff would only be entitled to the floor loan. Plaintiff was unable to meet the minimum annual rental requirement, and Defendant refused to lend Plaintiff the ceiling loan. Plaintiff thereafter sued Defendant for breach of contract. The jury was instructed that Plaintiff had to prove it had substantially performed the conditions precedent to the ceiling loan. The jury found in favor of Plaintiff and awarded it $543,000 in damages. The district court granted a new trial on grounds that the doctrine of substantial performance was inapplicable to the minimum annual rental requirement. The court then granted Defendant summary judgment.
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