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Mansour Props. LLC v. I-85/GA 20 Ventures Inc.

The plaintiff waived its right to partition the 110 acres of undeveloped property that it owned with the defendant by contractually obligating itself to certify that any potential transferee would honor its contractual obligations to aggressively and professionally market the property.

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The parties own as tenants in common approximately 110 acres of undeveloped real property in Gwinnett County, Georgia. Appellee I-85/Ga. 20 Ventures, Inc. “I-85″ successfully petitioned the superior court for statutory partition of the property. Appellants Mansour Properties, L.L.C. and Lifestyle Family, L.P. “Mansour” appeal, asserting, inter alia, that I-85 waived the right to seek partition based on the provisions of a written agreement between the parties. We agree and reverse the judgment of the court below. In 1996, I-85′s predecessor in interest contracted for the purchase of the

subject property which is located in close proximity to what is known as the Mall of Georgia. Prior to the closing, the interests in the purchase contract were assigned to I-85 and Mansour. The purchase price was $7,000,000, and each party was to hold a 50percent undivided interest as tenants in common with each individual appellant owning 25 percent. Mansour contributed $3,000,000 in cash at the closing, and executed a purchase money promissory note for $500,000. I-85 executed promissory notes and security deeds in the amount of $3,500,000.

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