Chase Manhattan Bank, N.A. v. American National Bank & Trust Co.

JACOBS, Circuit Judge:

Plaintiff Chase Manhattan Bank (“Chase”) extended a loan for the financing of improvements to real property, and accepted as security a mortgage on the property and the defendants’ personal guaranty that, in the event of default and foreclosure, they would pay to Chase the costs “incurred or to be incurred” by Chase in completing the improvements, or “such” costs “as estimated by the Construction Consultant.” When the developers stopped work and defaulted on the loans, Chase obtained an estimate of completion costs from the Construction Consultant, unsuccessfully…