Whalen v. Ford Motor Credit Co.
United States District Court for the District Court of Maryland
475 F. Supp. 537 (1979)
- Written by Whitney Kamerzel , JD
Facts
Ford Motor Credit Co. (Ford) (defendant) signed a loan commitment to fund a 28-story condominium project owned by Towson Associates Limited Partnership, Cornelius Whalen, and Robert Whalen Co., Inc. (collectively, the borrowers) (plaintiffs). The loan commitment required the borrowers to pay $200,000 in commitment fees to Ford. The loan commitment also contained a condition precedent that required the building’s construction to be completed before the loan’s closing date. At the loan’s closing, although the project was substantially completed, Ford refused to fund the loan because the building was not 100 percent completed. The borrowers sued Ford for breach of contract. Ford moved for summary judgment and argued that the financing commitment expired at the loan’s closing date when the loan’s condition precedent was not met.
Rule of Law
Issue
Holding and Reasoning (Blair, J.)
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