Highland Inns Corp. v. American Landmark Corp.

SHANGLER, Presiding Judge.

The appeal involves obligations under a contract to purchase real estate. The subject of the transaction was a Master Host Inn and grounds in the city of Columbia. Highland Inns was the seller, American Landmark was the buyer, and Overton Realty, Inc. was broker and agent for the seller. The contract provided, among other terms:

Buyer to pay seller $950,000 on closing. Subject to buyer obtaining a one year first mortgage in the amount of $1,300,-000.00. If buyer has not obtained and delivered to seller a long term mortgage commitment in the amount of $1,300,-000.00 on…