Miller & Smith at Quercus, LLC v. Casey PMN, LLC

In 1998, Miller and Smith, a Maryland limited liability company, executed a promissory note titled “Deferred Purchase Money Promissory Note II” 1 in which it promised to pay $3,296,000, with interest, to Potomac Capital Investment Corporation, an affiliate of Potomac Electric Power Company (PEPCO), in order to purchase approximately 258 acres of land in Montgomery County. In addition to the repayment of principal and its attendant interest upon maturity or sale of all or any portion of the property, the promise to pay also included a provision for payment of “Additional Contingent Interest,”…