City Centre One Associates v. Teachers Insurance & Annuity Assn. of America

680 F. Supp. 658 (1987)

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City Centre One Associates v. Teachers Insurance & Annuity Assn. of America

United States District Court of Utah
680 F. Supp. 658 (1987)

Facts

Teachers Insurance and Annuity Association of America (Teachers) (defendant) entered into a loan commitment agreement with Price/Prowswood LTD (Price) agreeing to lend Price $14.5 million for the construction of an office building. The agreement contained a profit-sharing provision. Price assigned its interest in the agreement to City Centre One Associates (City Centre) (plaintiff). City Centre sued Teachers claiming that the loan agreement is voidable and Teachers counterclaimed seeking specific performance of the agreement and damages. City Centre filed a motion for partial summary judgment of Teachers’ specific performance claim stating that Teachers had an adequate remedy at law.

Rule of Law

Issue

Holding and Reasoning (Anderson, J.)

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