In Silver Creek LLC v. Blackrock Realty Advisors, 2009 DJDAR 7165 (pdf), the California Court of Appeal – 4th District decided an important issue concerning California’s prevailing party statute, CC § 1717.
BlackRock Realty Advisors, Inc. (BlackRock) agreed to purchase commercial property from Silver Creek, LLC (Silver Creek). The agreement was to buy the property for $29.75 million with a deposit of $1.13 million in escrow. BlackRock agreed to assume the existing property loans and the transaction was to close on July 1, 2005. The agreement included a provision for attorney fees to be awarded to the “prevailing party.”
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