Lupis v. Peoples Mortgage Co.

BURNETT, Judge.

This appeal presents questions of estoppel and contract interpretation. The issues are framed by a transaction in which a commercial lender, Peoples Mortgage Company, made a real estate loan to Joseph and Sara Jean Lupis, for the purchase of a house. The loan was evidenced by a promissory note and secured by a deed of trust on the purchased property. As explained in greater detail below, the deed of trust was supplemented by other documents containing additional covenants by the borrowers. When the borrowers breached one of those covenants, the lender gave notice of intent to…