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HAWKINS v. FIRST FEDERAL SAVINGS AND LOAN ASS'N

SC 55.

280 So.2d 93 (1973)

Frank L. HAWKINS v. FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION.

Supreme Court of Alabama.

February 22, 1973.

Attorney(s) appearing for the Case

Holberg & Tully and Ralph G. Holberg, III, Mobile, for appellant.

David R. Coley, III, Mobile, for appellee.

FAULKNER, Justice.

Frank Hawkins decided to build a Holiday Inn on property bounded by Church, Monroe, Jackson, and Joachim Streets in a downtown urban renewal area of Mobile. He contracted with First Federal Savings and Loan Association for a loan of $500,000, subject to several conditions, including the following:

"That an amount equal to 5% of the loan be deposited with the Association as a stand by [sic] fee for 12 months * * *. If such loan is not closed...

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