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P&N Kissimmee I, LLC v. Regions Bank

Alabama Court of Civil Appeals

November 7, 2014

P& N Kissimmee I, LLC, and Kent Lee Holloway
v.
Regions Bank

Released for Publication August 5, 2015.

Appeal from Jefferson Circuit Court. (CV-13-902464). Caryl P. Privett, Trial Judge.

REVERSED AND REMANDED.

For Appellants: James A. Harris, Jr., Clyde " Tres" O'Neal Westbrook III, Harris & Harris, LLC, Birmingham.

For Appellee: John C. Neiman, Jr., Robert H. Fowlkes, Jayna Partain Lamar, Maynard, Cooper & Gale P.C., Birmingham.

MOORE, Judge. Thompson, P.J., and Pittman and Thomas, JJ., concur. Donaldson, J., recuses himself.

OPINION

MOORE, Judge.

P& N Kissimmee I, LLC, and Kent Lee Holloway appeal from a summary judgment entered by the Jefferson Circuit Court (" the trial court" ) in favor of Regions Bank (" Regions" ). We reverse the judgment and remand the cause.

Background[1]

P& N and Regions entered into a loan agreement (" the loan" ), which was

Page 49

amended on June 30, 2010, to provide P& N " a very limited right of first refusal" pursuant to which

" [i]f [Regions] obtains an offer to purchase the Loan on terms that it deems acceptable, [Regions] agrees to extend to a third party of [P& N's] designation (the 'Third Party Purchaser'), under conditions acceptable to [Regions] in its sole discretion, a very limited right of first refusal to purchase the Loan on the same terms." [2]

" 'A " right of first refusal" is a conditional option empowering its holder with a preferential right to purchase a property on the same terms offered by or to a bona fide purchaser.'" Starr v. Wilson,11 ...


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