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Contracts Keyed to Fuller
Market Street Associates Limited Partnership v. Frey
Citation:
United States Court of Appeals, Seventh Circuit, 1991. 941 F.2d 588.Facts
Market Street Associates (Plaintiff) acquired property owned by General Electric Pension Trust (Defendant). Under the parties 25-year sale leaseback agreement, plaintiff could require the defendant to finance improvements to the property costing at least $250,000. If such a request was made, then the defendant agreed to negotiate in good faith to provide financing. If such negotiations failed, the plaintiff had the option to purchase the property for the original price increased 6% per annum. In 1988, plaintiff sought to buy the property from defendants. Defendants quoted a price of $3 million, which plaintiff thought was too high. Plaintiff then made a formal request for $2 million in financing. The defendant responded that it would only finance projects costing over $7 million. Unable to attain financing elsewhere, plaintiff sued defendant for specific performance.
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