Arlington LF, LCC v. Arlington Hospitality, Inc.

In action by plaintiff seeking recovery for certain fees arising out of plaintiff's loan of $3.53 million as part of agreement calling for plaintiff to loan defendant $6 million, Dist. Ct. did not err in finding that defendant was not required to pay said fees where terms of agreement required that plaintiff both inform defendant that it owed said fees and allow defendant three-day window to pay said fees as condition precedent to plaintiff enforcing said fees, and where plaintiff had repudiated agreement by informing defendant that it would not loan defendant any more money prior to plaintiff giving defendant required notice that defendant owed said fees. Ct. rejected plaintiff's argument that it retracted its repudiation of agreement when it sent summary statement to defendant indicating availability of remaining portion of $6 million loan commitment.