Brown-Marx Associates, Ltd. v. Emigrant Savings Bank
United States Court of Appeals for the Eleventh Circuit
703 F.2d 1361 (11th Cir. 1983)
In May 1978, Brown-Marx Associates (Brown-Marx) (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. Brown-Marx 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 Brown-Marx was unable to renovate or meet the minimum annual rental requirement by closing, Brown-Marx would only be entitled to the floor loan. Brown-Marx was unable to meet the minimum annual rental requirement, and Emigrant Savings Bank refused to lend Brown-Marx the ceiling loan. Brown-Marx thereafter brought suit against Emigrant Savings Bank for breach of contract. The jury was instructed that Brown-Marx had to prove it had substantially performed the conditions precedent to the ceiling loan. The jury found in favor of Brown-Marx and awarded it $543,000.00 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 Emigrant Savings Bank summary judgment.
Rule of Law
Holding and Reasoning (Godbold, C.J.)
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