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B.F. SAUL REAL ESTATE INV. TRUST v. McGOVERN

No. 08-83-00096-CV.

683 S.W.2d 531 (1984)

B.F. SAUL REAL ESTATE INVESTMENT TRUST, Appellant, v. Hugh J. McGOVERN, Appellee.

Court of Appeals of Texas, El Paso.

Rehearing Denied February 13, 1985.

Attorney(s) appearing for the Case

Michael D. McQueen, Timothy Patton, Kemp, Smith, Duncan & Hammond, El Paso, Leslie A. Nicholson, Jr., Janice Lehrer-Stein, Shaw, Pittman, Potts & Trowbridge, Washington, D.C., for appellant.

S. Anthony Safi, W. Dean Hester, Grambling & Mounce, El Paso, for appellee.

Before STEPHEN F. PRESLAR, C.J., and WARD and OSBORN, JJ.

OPINION

WARD, Justice.

The Plaintiff, Hugh McGovern, by paying a fee of $240,000.00, obtained from the Defendant B.F. Saul Real Estate Investment Trust a standby loan commitment for $12,000,000.00 on the proposed construction of a hotel. When the project was abandoned, the Plaintiff sued to recover the $240,000.00 retained by the Trust on the theory that it was an unenforceable penalty rather than valid consideration for the loan commitment. Trial was to...

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