Ms. Rose argues that due to the First Bank of Green’s negligence and breach of contract, she was unable to secure financing for the hotel property she wanted to buy, and thus lost out on its purchase. She states that the First Bank of Green breached their duty of care to her and their negligence caused her to lose out on purchasing Motel 365. Once she lost that sale, she had no choice but to purchase another hotel that was more expensive and lacked the benefits of the previous one she tried to purchase. For that reason, she is seeking damages. First Bank of Green breached their duty of care by not completing their end of the mortgage agreement they made with Ms. Rose when she purchased land in 1984. The agreement stated that the lender …show more content…
Rose is similar. First Bank of Green did not follow through on the terms of their agreement. As a direct result of their conduct, Ms. Rose lost a sale opportunity that could have saved her thousands of dollars and other benefits. The terms of their mortgage agreement, drafted in 1984, stated that a lien would be placed on the land being purchased until the mortgage is paid off in full. Ms. Rose paid the mortgage off in full. However, the lien remained. First Bank of Green had a duty to execute their end of the agreement by removing the lien on the land once the mortgage was paid off in full, which they failed to do so. Further, they also had a duty to remove the lien promptly after Ms. Rose’s many requests to several First Bank of Green personnel, especially since this was an overdue duty, and it would be unreasonable to assume that the lien can remain approximately three months (November 1, 2004 – March 28 2005) after the mortgage has been paid off in …show more content…
So, because the First Bank of Green did not remove the lien promptly, Ms. Rose could not put down her vacant land as collateral and thus was not able to secure the loan with Bank of The West for $4.3 million losing out on the sale offer of $4.3 million including furniture, from the owner of Motel 365. She had to pay an extra $400,000, plus whatever she will need for furnishings of an entirely different property, when it could have been avoided if it were not because of First Bank of Green’s negligence in the perspective of Ms.