R & S St. Rose Lenders v. Branch Banking

million and hold it for a year. During that time, Centex could exercise its purchase option and buy the Property from St. Rose for $54 million. St. Rose's acquisition money came from three sources: (1) a promissory note payable to Colonial Bank, N.A. (Colonial) in the amount of $29 million secured by a first-priority deed of trust against the Property (the Purchase Loan); (2) nonrefundable deposits in the amount of $8 million from Centex; and (3) a promissory note payable to R&S Lenders in the amount of $12 million secured by a deed of trust against the Property that was recorded after the…