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Holy Fellowship Church of God in Christ v. First Community Bank of Henry County

Even if the bank had previously accepted late payments on the church's security note, the church's.

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In this action to set aside a Deed Under Power, the trial court dismissed the amended complaint “unless Plaintiff pays the indebtedness of $32,022.85 within forty-five 45 days into the registry of the Court. . . .” We treat this as the grant of summary judgment.

The following undisputed chronology is relevant: In September 1996, appellant-plaintiff Holy Fellowship Church purchased real property on which it operated worship services and church activities. The conveyance was financed by appellee-defendant First Community Bank, which took back a deed to secure debt for the amount of $184,121.90. The Church expressly promised to pay the principal “ON DEMAND, BUT IF NO DEMAND IS MADE,” then the promissory note called for 34 installment payments of $2,003.46 followed by a balloon payment of $166,142.14. In August 1997, the Church entered into a Renewal Note with additional monies1 in the principal sum of $206,677.34, and modified the security deed to reflect this larger debt. The Renewal Note also was a demand note but in the absence of a demand contemplated 34 monthly payments of $2,317.79 commencing October 1, 1997, followed by a balloon payment of $186, 815.59.

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