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CRAWFORD v. GULF STATES &c. CO.

58693.

153 Ga. App. 393 (1980)

265 S.E.2d 327

CRAWFORD et al. v. GULF STATES MORTGAGE COMPANY, INC.

Court of Appeals of Georgia.

Decided February 11, 1980.

Attorney(s) appearing for the Case

Eugene K. Swain, for appellants.

Grover C. Willis, Jr., Philip J. Johnson, for appellee.

CARLEY, Judge.

Crawford, wishing to purchase a tract of property for subdivision development, negotiated with Gulf States for financing. Gulf States made Crawford a development loan commitment, the terms of which included the grant to Gulf States of the right of first opportunity and/or first refusal on certain loan applications as the lots were released. It was stipulated that the failure to comply with this condition would result in a $400 penalty per lot. The commitment...

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