Royal Realty Co. v. Harvey Investment Co.

This is an action for the specific performance of a contract for the exchange of real property, made between II. IT. Helbush, assignor of plaintiffs, and defendant corporation, Harvey Investment Company. The contract consisted of a memorandum offer and acceptance. It provides for the exchange of a ranch at Paso Robies (belonging to plaintiff York Realty Com pany) for two pieces of business property in the city of Los Angeles, belonging to defendant Harvey Investment Company. The said ranch was to be included in the transaction, subject to a $40,000 mortgage, due one year after date, at seven per cent. In addition to putting in the ranch, Helbush was to pay the sum of $270,000 cash. Upon the conveyance of said ranch to defendant Harvey Investment Company and the payment to said defendant of the said sum of $270,000 cash, it agreed to convey to plaintiff, Royal Investment Company, the parcel of Los Angeles realty at the comer of Washington and Flower Streets, free and clear of all encumbrances, and another parcel in said city at the corner of Tenth and Flower Streets, subject to a mortgage of $125,000, then of record. The parties agree that the consummation of the matter shall be…