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Sanchez v. RR&A Holdings, LLC

Court of Appeals of Iowa

August 21, 2019

JORGE OSCAR SANCHEZ and ELIGIO SANCHEZ ESTRELLA, Plaintiffs-Appellants,
v.
RR&A HOLDINGS, LLC, Defendant-Appellee.

          Appeal from the Iowa District Court for Marshall County, James C. Ellefson, Judge.

         Jorge Sanchez appeals the district court order denying his petition for an injunction of the enforcement of the forfeiture of a real estate installment contract.

          Brandon J. Buck of Moore, McKibben, Goodman & Lorenz, LLP, Marshalltown, for appellants.

          Gail E. Boliver of Boliver Law Firm, Marshalltown, for appellee.

          Considered by Tabor, P.J., and Mullins and May, JJ.

          MULLINS, JUDGE.

         Jorge Sanchez appeals the district court order denying his petition to enjoin the enforcement of the forfeiture of a real estate installment contract with RR&A Holdings, LLC (RR&A).[1] Jorge challenges the sufficiency of the notice of forfeiture, contends RR&A waived its right to the interest on delinquent payments, and argues he should be granted more time to cure the default to avoid the forfeiture.

         I. Background Facts and Proceedings

         In July 2012, Jorge and Eligio entered into a real estate installment contract with RR&A[2] for the purchase of property in Marshalltown. The total purchase price was $165, 000.00-$155, 000.00 for the real estate and $10, 000.00 for personal property in and on the property. The contract also required a down payment of $15, 000.00. Under the contract, the Sanchezes had to pay the remaining balance in monthly installments until July 2013, when they would need to pay a final balloon payment, in addition to a separate monthly payment for the property's real estate taxes. Other relevant portions of the contract provide:

12. TIME IS OF THE ESSENCE. Time is of the essence in this Agreement. Failure to promptly assert rights of Seller herein, shall not, however, be a waiver of such rights or a waiver of any existing or subsequent default.
16. FORFEITURE. If Buyers (a) fail to make the payments aforesaid, or any part thereof, as same become due; or (b) fail to pay the taxes . . .; or (e) fail to perform any of the agreements as herein made or required; then Sellers, in addition to any and all other legal and equitable remedies which they may have, at their option, may proceed to forfeit and cancel this contract as provided by law (Chapter 656 Code of Iowa). Upon completion of such forfeiture Buyers shall have no right of reclamation or compensation for money paid. . . .
17. FORECLOSURE AND REDEMPTION. If Buyers fail to perform this contract, Sellers, at their option, may elect to declare the entire balance immediately due and payable after such notice, if any, as may be required by Chapter 654, The Code. . . .
19. INTEREST ON DELINQUENT AMOUNTS. Either party will pay interest at the highest legal contract rate applicable . . . on all amounts herein as and after they become delinquent and/or cash reasonably advanced by either party pursuant to the terms of this contract, as protective disbursements.

An addendum to the contract provided for a one-year extension of the terms if the Sanchezes were unable to secure financing prior to July 2013. Any extension would be filed as a modification agreement and provided RR&A would receive an additional principal ...


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