Frick v. North Bank

Plaintiffs appeal as of right from the trial court’s grant of summary disposition for defendant North Bank pursuant to MCR 2.116(C) (8). We affirm.

In order to construct waterfront condominiums on their property, plaintiffs sold the property to defendant Kenny A. Schaaf and his corporation, defendant Design Developers, Inc. In exchange, plaintiffs accepted a mortgage on the property and agreed that they would receive repayment of the underlying indebtedness that was subject to the mortgage on completion and sale of the condominium units. Schaaf secured North Bank as the lender, and Design…