Kal-Cen Corp. v. Beztak Properties, Inc.

MEMORANDUM OPINION AND ORDER

WOODS, District Judge.

The parties to this bench trial each claim entitlement to a One Hundred Thousand Dollar ($100,000.00) good faith deposit pledged pursuant to a contract to purchase a mortgage.

Plaintiff, Kal-Cen Corporation, holds a purchase money mortgage on the Kalamazoo Hilton Center, a hotel and retail establishment located in Kalamazoo, Michigan. The mortgagee and payor, Kalamazoo Center Partners, L.P., desired to refinance the note and, on January 1, 1985, executed a Note and Mortgage Modification Agreement with Kal-Cen, whereby Kal-Cen agreed to defer…