[DOWNLOAD] "E. Virgil Adair and Norma Adair v. W. E." by Supreme Court of Idaho No. 10171 * eBook PDF Kindle ePub Free

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eBook details

• Title: E. Virgil Adair and Norma Adair v. W. E.
• Author : Supreme Court of Idaho No. 10171
• Release Date : January 06, 1969
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 68 KB

Description

On November 1, 1961, Mr. and Mrs. E. Virgil Adair, plaintiffs-respondents, leased the second floor dining room area of the
City-County Airport Building in Lewiston, Idaho from the City of Lewiston and Nez Perce County. This lease was to terminate
December 31, 1966, but contained an optional renewal clause for an additional term. The Adairs operated the Tailwind Restaurant
on these premises until August 1965, when with the lessors' consent they assigned the lease to Mr. and Mrs. James L. Brush. Brushes purchased the assets of the restaurant as a going business for $25,000, paying Adairs $10,000 cash and giving Adairs
a note and mortgage for the balance of $15,000. The Brushes raised the $10,000 cash payment by a loan of that amount from
Mr. and Mrs. W. E. Freeman, defendants and appellants. The Brushes, Adairs and Freemans agreed that the Freemans would have
their loan evidenced by Brushes' promissory note to them, secured by a first mortgage on the property of the restaurant, including
all equipment, stock in trade, fixtures, and beer and liquor licenses issued by the City, County and State. On August 25,
1967 the Brushes executed the notes and chattel mortgages to the Freemans and Adairs, in accordance with the agreement, the
Freemans' mortgage being a first chattel mortgage and Adairs' mortgage being junior and secondary to Freemans'. Both chattel
mortgages itemized the personal property and specifically described the various beer and liquor licenses as being covered
by the mortgage. The first mortgage to the Freemans was in customary terms and after providing for foreclosure in event of
breach of its terms by non-payment of the note, then contained a provision that before the Freemans exercised any of the options
for foreclosure, they were to serve the Adairs, personally or by mail, a written notice specifying the default of the Brushes,
and "requiring compliance with the terms of this mortgage within thirty days * * *." The Freemans also agreed that if the
Adairs complied with the notice and terms of the mortgage the default would be deemed corrected, but if they did not comply
within the thirty day period the Freemans could proceed with the foreclosure.

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