U.S.I.F. Triangle Towers Corp. v. Rockwood Development Co.

' This case calls for a determination of the meaning of the phrase “net cash flow”, used in a purchase money-deed of. trust securing deed of trust notes aggregating $850,000.

In March of 1969, Rockwood Development Company (Rockwood), a partnership, sold to U.S.I.F. Triangle Towers Corporation (Triangle Towers) a 260-apartment complex in Bethesda. The purchase price, stated by the contract to be $4,935,000, consisted of three components: $750,000 in cash, to be paid at time of closing; the taking of title subject to a first trust on the property securing notes in the amount of $3,335,000, held…