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French Broad Place, LLC v. Asheville Savings Bank

816 S.E.2d 886 (2018)

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French Broad Place, LLC v. Asheville Savings Bank

North Carolina Court of Appeals
816 S.E.2d 886 (2018)

Facts

French Broad Place, LLC (plaintiff) undertook a mixed-use construction project for which it sought a loan from Asheville Savings Bank, S.S.B. (defendant). The initial loan commitment specified a sum of $9,950,000, but the ultimate loan agreement was for $7,750,000. The loan agreement included a clause stating that it superseded the earlier loan commitment. French Broad Place later submitted a request for an additional $725,801, which Asheville Savings Bank approved, bringing the total amount of the loan to $8,475,801. This was recorded in a modification agreement. Although Asheville Savings Bank disbursed the stipulated amount, French Broad Place brought suit for breach of contract. More specifically, French Broad Place alleged that Asheville Savings Bank (1) failed to provide the initially agreed-upon amount of $9,950,000, (2) underfunded the loan, (3) unnecessarily delayed approval of the request for an additional amount, (4) refused to provide additional financing as promised, and (5) violated the covenant of good faith and fair dealing. The trial court granted summary judgment in favor of Asheville Savings Bank on all claims, finding no evidence of a breach of contract. French Broad Place appealed to the North Carolina Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Tyson, J.)

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