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Pacific Grove Holding LLC v. Hardy

Jury questions remain as to whether seller orally waived time of performance in option contract.

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Charles Hardy granted Pacific Grove Holding a 90-day option to purchase land in Paulding County, Georgia, in exchange for $25,000.00, to be held in escrow by Park West Realty. The stated option period expired September 13, 1998, without Pacific Grove giving Hardy written notice of its intent to exercise the option, and Hardy demanded that Park West disburse the $25,000.00 to him. Contending that the contractually specified contingency regarding access to sewer lines had not been met, Pacific Grove purported to terminate the option agreement on September 29, 1998, and demanded that the escrow money be refunded to it. Park West initiated this action for interpleader and, after tendering the $25,000.00 into the registry of the court, was released by consent order. Hardy and Pacific Grove answered the interpleader and each cross-claimed for the escrow money. On cross-motions for summary judgment, the following, largely undisputed, facts were adduced:

Pacific Grove’s agent contacted Park West and asked it to contact Charles Hardy and negotiate an option agreement for Pacific Grove to purchase real property for which Hardy himself held an option to purchase. Pacific Grove forwarded to Park West a proposed option agreement, and when this was presented to Hardy, he made several changes to it. Specifically, Hardy rejected the optionee’s right to an automatic extension upon payment of an additional $25,000.00. Also, Hardy rejected language whereby he would warrant that water, sewer, and power lines sufficient to support a 200-unit multifamily project would be available at the property lines. Rather, Hardy proposed that the availability of these utilities be classified as contingencies to be met by the purchaser or grantee of the option.

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