Mind & Motion Utah Invs., LLC v. Celtic Bank Corp.

Mind & Motion entered into a real estate purchase contract (REPC) with Celtic Bank to buy a piece of property the Bank had acquired from a developer through foreclosure. The REPC required Celtic Bank to record plats by a certain date for the first phase of development of condominiums on the land and allowed Mind & Motion discretion to extend the recording deadline as necessary to allow the Bank sufficient time to record. Mind & Motion extended the recording deadline once but declined to extend it a second time. Mind & Motion subsequently sued Celtic Bank for breach of contract. The district court granted summary judgment in favor of Mind & Motion, ruling that the recording provision was a covenant, not a condition. Celtic Bank appealed, arguing that the recording provision was unambiguously a condition. The Supreme Court affirmed, holding (1) the recording provision is a covenant, not a condition; and (2) there is no latent ambiguity in the REPC. View "Mind & Motion Utah Invs., LLC v. Celtic Bank Corp." on Justia Law