Charter Investment & Development Co. v. Urban Medical Services, Inc.

Deen, Presiding Judge.

The defendant corporation entered into a contract with the appellant (here referred to as CID) to procure a mortgage loan with the proceeds of which it intended to construct a private hospital. The contract provided: "The undersigned further agrees to pay the agent for services rendered an amount equal to 2% of the loan amount as a brokerage fee. The brokerage fee shall be due and deemed earned upon issuance of commitment substantially in accordance with the terms of this application, or upon the acceptance by applicant of the commitment issued. Brokerage shall be…