Zimmerman v. Olympus Fidelity Trust, LLC

The Zimmermans, mortgagors, appeal a final summary judgment entered on their breach of contract claim against mortgagee Colonial. We affirm.

In 1998, the Zimmermans executed a promissory note in favor of Palm Beach National Bank and Trust Company (PBNB)1 in the amount of $2,500,000 that was secured by a mortgage on a Palm Beach residence (“first mortgage”). The relevant provisions of the first mortgage are as follows:

Paragraph 18 — Borrower’s Right to Reinstate

If Borrower meets certain conditions, Borrower shall have the right to have enforcement of this Security Instrument discontinued...…