Kirk Corp. v. First American Title Co.

Opinion

DAVIS, J.

Introduction

This appeal involves a commercial lease to operate a bar and restaurant in one unit of plaintiffs’ Kirkwood Tower “Whiskey Run” condominium project located in Alpine County. In January 1983, plaintiffs obtained a $1.8 million construction loan from Canadian Commercial Bank. During this transaction, a document entitled “Cancellation of Lease” was executed. Neither the lender’s nor the borrowers’ instructions explicitly ordered a cancellation of the lease. The cancellation was acknowledged on January 28, 1983, but not recorded until March 30, 1983. Escrow closed…