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.