Court Opinion

ID: 9737816
Source: CourtListenerOpinion
Date Created: 2023-08-26 19:34:54.718247+00
Date Added: 2024-06-11T07:24:01.515862
License: Public Domain

Shepherd, J.
(concurring). I agree with the opinion but there is one aspect of plaintiffs’ argument upon which I wish to expand. Plaintiffs argue that, since under paragraph 3(i) of the contract time shall be deemed of the essence to this contract, the persistent tardiness of defendant in making payments should itself be grounds for foreclosure. Otherwise, argue the plaintiffs, the defendant could continuously "string plaintiffs along.” (This was the language used by counsel for plaintiffs at oral argument.) Although time is of the essence, all of the times mentioned in the contract are applicable and each party to the contract has the right to take advantage of whatever time delays are allowed by the agreement. Paragraph 3(h) of the contract clearly states that there is a right to acceleration in an equitable action only after pur*605chaser shall have been in default for a period of forty-five days or more. In effect, this provision allows defendant to "string along” payments and if plaintiffs wished to shorten the "string along” period they could have negotiated a shorter period in the contract.