First Prudential Development Corp. v. Hospital Mortgage Group

HENDRY, Judge.

Appellants are real estate developers; ap-pellee is in the business of lending money. In late 1973, negotiations between the two interests culminated in a contract by which appellee committed itself until December 12 of that year, to finance construction of two motels for which appellants had located a lessee. Appellee’s obligation was preconditioned upon appellants’ provision of certain documentation regarding the planned construction.

The December 12 termination date came and went, was extended indefinitely by mutual agreement of the contracting parties, several meetings and…