This case arises from the sale of real property located at in Detroit, Michigan. It is a commercial property, with a restaurant as a tenant.
During the sale negotiations, the lease provided to plaintiff indicated that the restaurant paid $4,500 in rent each month. Plaintiff closed on the property for a purchase price of $350,000. Plaintiff and defendant agreed to a second mortgage from defendant to plaintiff in the amount of $17,500. When plaintiff first attempted to collect rent from the restaurant its representative produced a second amendment to the lease, indicating that rent was only $1,500 each month. The second amendment to the lease was not provided to plaintiff during the negotiations.
Plaintiff filed suit, and when Defendant and several of the other codefendants failed to respond, a default judgment was entered in the amount of $363,401.86, for the sale price of the property, plus interest.
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