1_S_W_3d_814_at_818 Triton

1_S_W_3d_814_at_818 Triton - 109NST Print Request: LEXSEE...

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109NST Print Request: LEXSEE Time of Request: March 02, 2003 08:36 AM EST Number of Lines: 129 Job Number: 1841:0:82300742 Client ID/Project Name: me Research Information: Lexsee 1 S.W.3d 814 at 818 Send to: BAIN, BRUCE 1535 WEST LOOP S FL 4 HOUSTON, TEXAS 77027-9509
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LEXSEE 1 S.W.3d 814 at 818 TRITON COMMERCIAL PROPERTIES, LTD., Appellant, v. NORWEST BANK TEXAS, N.A., AS TRUSTEE OF THE MYRTLE GUNN YORK TRUST, Appellee. NUMBER 13-98-607-CV COURT OF APPEALS OF TEXAS, THIRTEENTH DISTRICT, CORPUS CHRISTI 1 S.W.3d 814; 1999 Tex. App. LEXIS 6510 August 26, 1999, Delivered August 26, 1999, Filed SUBSEQUENT HISTORY: [**1] Petition for Review Denied December 9, 1999. PRIOR HISTORY: On appeal from the 267th District Court of Victoria County, Texas. DISPOSITION: REVERSED and REMANDED. COUNSEL: FOR APPELLANT: Robert B. Gilbreath, Robert Edwin Thackston, Jenkens & Gilchrist, Dallas, TX. Richard D. FOR APPELLEE: James Stofer, Duane G. Crocker, Anderson, Smith, Null, Stofer & Mruphree, Victoria, Tx. JUDGES: Before Chief Justice Seerden and Justices Yanez and Chavez. Opinion by Chief Justice Seerden. OPINIONBY: ROBERT J. SEERDEN OPINION: [*816] OPINION Opinion by Chief Justice Seerden The primary issue in this case is whether the date for payment of an extension fee for an option to purchase real property in a written earnest-money contract may be further extended by an oral waiver and modification of that agreement. Triton Commercial Properties, Ltd. appeals from a summary judgment granted in favor of Norwest Bank Texas, N.A., declaring that Triton's contract to purchase property from Norwest terminated before Triton exercised its option to extend by paying the extension fee. We reverse and remand. Norwest had a written contract to sell a tract of land to Triton. The contract specified a closing date of January 15, 1998, but provided that Triton could extend the closing date by paying $ 500 to Norwest on or before that date, as follows: If this sales transaction is not closed or consummated on or before January 15, 1998, this contract shall terminate and the Earnest Money shall be refunded back [**2] to Buyer, unless Buyer exercises the following option to extend the Contract on or before January 15, 1998. Buyer may extend the closing date until February 15, 1998 by Buyer tending Seller a cash consideration of $ 500.00 on or before January 15, 1998. . ... The written contract further provided that "Time is of the essence in this Agreement." Norwest brought the present action for declaratory judgment, claiming that, as Triton did not timely pay the $ 500 extension fee, the contract terminated on January 15th. Norwest moved for summary judgment on this ground and attached to its motion the affidavit of David Hill, its vice-president and trust officer, who stated that Norwest did not receive the extension payment from Triton on or before January 15, 1998. An attempted
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This note was uploaded on 09/30/2011 for the course EMGT 5130 taught by Professor Jeong during the Fall '11 term at UH Clear Lake.

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1_S_W_3d_814_at_818 Triton - 109NST Print Request: LEXSEE...

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