Blog

When George Washington included the following language in hi…

When George Washington included the following language in his Farewell Address, what is the meaning of “controversies”?  “The great rule of conduct for us in regard to foreign nations is in extending our commercial relations, to have with them as little political connection as possible. So far as we have already formed engagements, let them be fulfilled with perfect good faith. Here let us stop. Europe has a set of primary interests which to us have none; or a very remote relation. Hence she must be engaged in frequent controversies, the causes of which are essentially foreign to our concerns. Hence, therefore, it must be unwise in us to implicate ourselves by artificial ties in the ordinary vicissitudes of her politics, or the ordinary combinations and collisions of her friendships or enmities.”

Amy Santos does business as the White House Center, a “B” le…

Amy Santos does business as the White House Center, a “B” level retail strip center in Sarasota, Florida. Ms. Santos previously borrowed $650,000 from Bailey Commercial Lenders to finance 75% of her purchase. The mortgage from Bailey to Santos contains a standard due-on-sale clause. While the mortgage is in-place Santos enters into a purchase and sale agreement with Carol Vinick Partners, a California general partnership. Following the contractual due diligence period, Vinick Partners has decided to move forward to Closing. Santos’ and Vinick’s attorneys drafted the Closing Documents, and obtained Bailey’s wiring instructions. Based on just the information presented (and nothing else), as soon as Santos’ attorney began reviewing the Closing Documents packages, Santos violated the _____________________ clause of Bailey’s loan documents. (Select one answer only.)