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[Download] "Pentz v. Romine" by Court of Appeals of Arkansas # Book PDF Kindle ePub Free

Pentz v. Romine

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eBook details

  • Title: Pentz v. Romine
  • Author : Court of Appeals of Arkansas
  • Release Date : January 24, 2001
  • Genre: Law,Books,Professional & Technical,
  • Pages : * pages
  • Size : 52 KB

Description

On October 9, 1990, James and Jeannie Pentz (Pentz) entered into a contract to purchase a convenience store from Al and Chris Romine (Romine) for $325,000. The contract required Pentz to make a down payment of $4,000 and monthly payments of $3,300, including interest, until the balance of the purchase price was paid. The contract contained a provision stating that the property was not to be ""sold, mortgaged, assigned, or in any way encumbered or hypothecated without the prior written consent of the seller."" In 1996, Pentz found a buyer for the store, Marable-Stone, Inc. (MSI), who offered to pay Pentz $290,000 more than Pentz had agreed to pay Romine for the property. Pentz and MSI agreed to a lease-purchase plan by which MSI was to pay Pentz a $50,000 down payment, followed by monthly lease payments of $3,446 for 179 months. At the end of the 179-month term, MSI would have an option to purchase the property upon payment of an additional $3,500. Romine refused to consent to the Pentzes' lease of the property to MSI and threatened to sue MSI if it leased the property from Pentz without Romine's permission. Pentz discontinued his monthly payments to Romine and brought suit against Romine, alleging that Romine tortiously interfered with his contractual relations with MSI and that Romine had wrongfully withheld consent to the lease-purchase agreement with MSI. In the same action, Pentz also sued MSI for specific performance of the lease-purchase agreement. Romine counterclaimed, seeking foreclosure on the property. Pentz then voluntarily nonsuited his complaint against Romine. The parties litigated the Pentzes' complaint against MSI for specific performance and Romine's counterclaim for foreclosure.


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