LILLIE, J.
In May of 1959 appellant company purchased a parcel of real property in Santa Maria for cash and a deed of trust (covering the unpaid balance) which was made subordinate to a construction loan thereafter obtained in the sum of $300,000 for a 50-unit apartment building. Subsequently a "cost breakdown" submitted to the bank by appellant Rudnick certified that the total cost of construction would be $355,600. Construction of the building commenced on June...
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