Crawford v. Gulf States Mortgage Co.

Carley, Judge.

Crawford, wishing to purchase a tract of property for subdivision development, negotiated with Gulf States for financing. Gulf States made Crawford a development loan commitment, the terms of which included the grant to Gulf States of the right , of first opportunity and/or first refusal on certain loan applications as the lots were released. It was stipulated that the failure to comply with this condition would result in a $400 penalty per lot. The commitment also provided that in the event Crawford decided to sell or convey the property prior to complete sell-out of all 52…