MacArthur/Nathan Associates v. Edson Realty, Inc.

The plaintiff seeks money damages for breach of a written agreement between the parties, dated April 29, 1981, in which the plaintiff agreed to act as the exclusive agent to obtain financing for the defendants’ proposed development of an industrial project. Four specific financing proposals from other lenders were listed as exceptions to the exclusive nature of the plaintiff’s agency. One of these concerned ongoing negotiations for a ten year loan in the amount of $1.5 million from the Chase Manhattan Bank. The agreement provided that the defendants could terminate it by written notice to the…