First Indiana Federal Savings Bank v. Maryland Development Co.

SHIELDS, Presiding Judge.

First Indiana Federal Savings Bank appeals the trial court's denial of its motion for summary judgment and the grant of summary judgment in favor of Maryland Development Co. Inc. We reverse.

FACTS

On August 12, 1975, CWJ Realty Co. executed a note and mortgage in the amount of $1,500,000 in favor of First Indiana covering certain commercial real estate located in Marion County, Indiana. The note contained the following "prepayment" provision:

"If, prior to twelve (12) years after date, any portion of the original principal sum is prepaid in any single contract year, a…