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Contracts Keyed to Fuller
McCallum Highlands, Ltd. v. Washington Capital Dus, Inc.
Citation:
66 F.3d 89 (5th Cir. 1995)Facts
In January 1991, McCallum Highlands, Ltd., a limited partnership formed by Ari Susman, accepted Washington Capital’s loan commitment for $6,700,000 at 9.75% interest with provisions for a buy-down option and potential increase to $7,015,000. Susman made a $134,000 good faith deposit. Susman needed to refinance by April 30, 1991 to avoid a hefty prepayment penalty from his previous mortgage company. After Fannie Mae changed its guidelines and criticized another loan Washington had made to Susman, Washington informed Susman in March 1991 that they wanted to reduce the loan amount. On April 18, 1991, Washington told Susman they would only allow him to select an interest rate if the loan was limited to $6,400,000 with no buy-down provision. Feeling he had no choice due to the approaching April 30 deadline, Susman agreed to the modified terms. He later claimed the modification was made under economic duress and without consideration, resulting in McCallum’s bankruptcy.
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