Sosin

Plaintiffs, Harry Sosin and Beatrice Sosin, lenders, sued defendant H. J. Richardson, a loan broker, for specific performance or damages for breach of contract arising out of defendant’s agreement to purchase certain real property. Defendant's agreement was made in the nature of a qualified guarantee of the repayment of the loan. Plaintiffs allege that they performed all the conditions precedent to defendant’s obligation under the agreement except in one particular which they assert was waived by defendant. Defendant claims that the conditions were not performed and therefore his duty to perform never arose.

. While plaintiffs were on a trip to Europe in the spring of 1958, Sidney J. Roberts (Roberts), Mrs. Sosin’s brother and plaintiffs’ business agent, acting under a power of attorney from plaintiffs, arranged for plaintiffs to loan $7,500 to Mr. and Mrs. Theodore Kovach (Kovach).

Kovach offered to give plaintiffs as security for the loan a second deed of trust on his residence in Van Nuys (Parcel A), assignment of his interest in a land sale contract on property on Riverside Drive, Los Angeles (Parcel B), and a first deed of trust on some vacant land in Riverside County…