Holiday Plaza, Inc. v. First Federal Savings & Loan Ass'n of Clarksburg

Harshbarger, Chief Justice:

Holiday Plaza needed construction and long-term loans to finance three buildings in Harrison County. The Lown-des Bank agreed to make a $450,000 construction loan if Holiday Plaza could secure its long-term financing from another lendor. On April 18, 1972, a loan commitment agreement was executed with defendant First Federal Savings and Loan 1 by which Holiday Plaza was required to pay a $4,500 placement fee that would be retained by First Federal “[i]n the event the commitment is accepted and the loan is not closed on or before June 1, 1973,” or refunded with…