OC Media Tower v. Galuppo CA4/3

FACTS AND PROCEDURAL BACKGROUND

In 2014, Plaza loaned OC Media $27 million for the purchase of property located at the site of the old Orange County Register building at 625 N. Main. The parties had a long-term lender/borrower relationship. In exchange, Plaza received a promissory note and a deed of trust. The note provided OC Media would pay Plaza: “Reasonable costs of collection . . . and attorneys’ fees paid or incurred in connection with the collection or enforcement of this Note, whether or not suit is filed.” In 2016, Plaza loaned OC Media $34 million for two remaining parcels at 625 N. Main totaling about 20 acres. Plaza received another promissory note and deed of trust as collateral. The note provided OC Media would pay Plaza “any and all costs or

3 expenses paid or incurred . . . in connection with this Note, Deed of Trust or any other loan documents, including, but not limited to, any and all attorneys’ fees . . . whether or not suit is filed.” Plaza later made an additional loan of $6 million to OC Media in connection with the 625 N. Main properties. In 2018, OC Media stopped making interest payments on the three outstanding loans and the unpaid principal balances of…