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RAMADA DEV. CO. v. RAUCH

No. 78-3773.

644 F.2d 1097 (1981)

RAMADA DEVELOPMENT COMPANY, Plaintiff-Appellee, v. Martin W. RAUCH et al., Defendants-Third Party Plaintiffs-Appellants, J. Stewart Stein, Third Party Defendant.

United States Court of Appeals, Fifth Circuit. Unit B

Rehearing Denied July 7, 1981.

Attorney(s) appearing for the Case

Richard H. Frank, Mark F. Kelly, Tampa, Fla., for defendants-third party plaintiffs-appellants.

Carlton, Fields, Ward, Emmanuel Smith & Cutler, P.A., Edward C. Adkins, James M. Landis, Tampa, Fla., for plaintiff-appellee.

Before TUTTLE, RONEY and VANCE, Circuit Judges.

TUTTLE, Circuit Judge:

On December 13, 1972, Martin Rauch signed a contract in which the Ramada Development Company agreed to design, furnish, and construct a 160-unit Ramada Inn Motor Hotel and Restaurant in Venice, Florida. The contract allowed for progress payments, and disbursement of progress payments were made by Rauch's lender, First Federal Savings and Loan Association of Sarasota.

The construction was commenced shortly after the signing of the contract...

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