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Consumer Law Keyed to Whaley, 9th Ed.
Adiel v. Chase Federal Savings & Loan Association
Citation:
810 F.2d 1051 (1987)Facts
Rehavam and Eleanor Adiel entered into a contract with Lakeridge Associated, Ltd., a commercial developer, to purchase a townhouse to be constructed by Lakeridge. Lakeridge applied for and received a construction mortgage from Chase Federal Savings and Loan Association. The purchase agreement between the Adiels and Lakeridge required the Adiels to assume the Chase mortgage and reimburse Lakeridge for loan costs, including loan points paid to Chase. The agreement also imposed a two-percent penalty if the Adiels obtained financing elsewhere, effectively compelling them to use Chase. Chase was aware from the outset that the ultimate obligation would run from the Adiels to Chase, as evidenced by Chase’s failure to hold Lakeridge to strict compliance with mortgage payment terms. The Adiels submitted a mortgage loan application directly to Chase for a multi-purpose residential loan. Chase unilaterally modified the application to indicate it was for assumption of the existing Lakeridge mortgage. At closing, the Adiels executed change of ownership and assumption forms, reimbursed Lakeridge for loan points, and became primary obligors under the note and mortgage. Chase never provided the Adiels with Truth in Lending Act disclosures.
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