Opinion ID: 6353535
Heading Depth: 2
Heading Rank: 3

Heading: The Maximum Obligations Clause

Text: Connie argues for the first time on appeal that Sanborn failed to make a prima facie case that it was entitled to the condominium sale proceeds because it did not prove the proceeds comported with the Mortgage’s Maximum Obligation Limit clause (the “MAX Clause”). The MAX Clause ensures that Sanborn cannot claim the Mortgage secures the principal amount of its loans to Connie and Dean at any one time beyond the value of the Original Note ($384,777.13). Connie waived this argument because she failed to raise it below, and we find no miscarriage of justice in declining to analyze her claim. See Oglesby v. Lesan, 929 F.3d 526, 534 (8th Cir. 2019) (quoting Cole v. UAW, 533 F.3d 932, 936 (8th Cir. 2008)). 3 3 The bankruptcy court addressed this issue with respect to Dean’s portions of the condominium sale proceeds and the MAX Clause, finding Sanborn was entitled to the funds. In re Freed, 2020 WL 1987805, at –6. -7-