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330 P.B. CORP. v. MURPHY

Nos. 4-86-2751, 4-86-3057, 87-0189 and 87-0592.

532 So.2d 1 (1988)

330 P.B. CORPORATION, a Florida Corporation, Appellant/Cross Appellee, v. Norman E. MURPHY, Individually, John A. Callahan, Individually, Norman E. Murphy, As Trustee under the Will of Rudolph J. Inman, Sr., Deceased, Appellees/Cross Appellants, and Continental Bank and Brookview Associates, Inc., a Florida Corporation, Appellees. 330 P.B. Corporation, a Florida Corporation, Appellant, v. Norman E. MURPHY, Individually, John A. Callahan, Individually, Norman E. Murphy, As Trustee under the Will of Rudolph J. Inman, Sr., Deceased, Continental Bank and Brookview Associates, Inc., a Florida Corporation, Appellees.

District Court of Appeal of Florida, Fourth District.

Rehearings Denied November 4, 1988.

Attorney(s) appearing for the Case

D. Culver Smith, III, and Theresa W. Parrish of Steel, Hector, Davis, Burns & Middleton, West Palm Beach, for 330 P.B. Corp. and Brookview Associates, Inc.

Julie Farina and Larry Klein of Klein & Beranek, P.A., West Palm Beach, and Cadwalader, Wickersham & Taft, Palm Beach, for appellees/cross appellants.

SALMON, MICHAEL H., Associate Judge.

The Murphy Group, appellees, sold an apartment building to appellant, 330 P.B. Corporation (330 P.B.), which 330 P.B. intended to convert to condominium use. The general terms of the sale were: $500,000 cash, assumption by 330 P.B. of an existing mortgage having an unpaid principal balance of $1,500,000, and delivery by 330 P.B. to the Murphy Group of a purchase money mortgage with a principal obligation of approximately $4,500...

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