The plaintiff vendor brought a motion for summary judgment seeking forfeiture of a $50,000 deposit paid by the defendant purchaser under an agreement of purchase and sale for an apartment building.
The purchaser argued the agreement became null and void when an insurance condition was not waived by the deadline.
The court found that the parties' conduct in continuing to work on the transaction after the deadline constituted a waiver of the condition.
The court further found that the purchaser terminated the agreement for reasons unrelated to the conditions and acted in bad faith by retroactively attempting to rely on the insurance condition.
The court granted summary judgment, ordering the $50,000 deposit forfeited to the vendor and dismissing the purchaser's counterclaim.
