ÿWPCŠ …# VU:a %› 0(¡b Éw@Õ4 ) 0l8 0D¤ 0Jè 0T2 0^† 0hä 0rL 0|¾ 0†: 0À 1uP U,Å 0dñ U,UU*B)«DCÔ AMduv~vÓ‚ BU D3r 0@¥ AOåÆ4 0Dú D/> Bm˜HP LaserJet 4Si/4SiMX PS 600dpiPSCRIPTÀÌÀääÀÀÌ0 ,†r‰AZ‹"Arial RegularX($¡¡- ù - ˜U™Dšd›PœPPžŸÓ€©ªnnG lÀlô3|xª((3üÝ$¤¤Ý ƒ!ÝÝ  Ýà  àòòÚ  Ú0Ú  Úóó(#Ã$òòÚ  Ú0Ú  Úóó2 ÿÿ0Indent1Ô2ÔÔ3  Ô2" ÿÿ0Indent2à0 àÔ2ÔÔ3  Ô2, ÿÿ0Indent3à0 àà0 àÔ2ÔÔ3  Ô26 ÿÿ0Indent4à0 àà0 àà0 àÔ2ÔÔ3  Ô2@ ÿÿ0Indent5à0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2J ÿÿ0Indent6à0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2T ÿÿ0Indent7à0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2^ ÿÿ0Indent8à0 àà0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô ÿÿ?AGMSYaioIndent0I.A.1.a.(1)(a)i)a)< Œ 9p`(ModernP ÿÿ8Mac DefaultMac DefaultÓ ` °šXÓ< Œ 9p`(Monaco< Œ 9p`(Arial% Line 7 d!!!!7Border 1dd€-"Cþÿ << Gÿÿ Ý ƒ!ÝÑ  ÑÑ#€d#ÑÔ€ÔÔ€ ÔÝ  ÝÔ€ ÔÓ  Óò òÔ YYY ÔFILEDÔ€ XÔÌÌFebruary€28,€1996ÌÌCecil€W.€CrowsonÌAppellate€Court€ClerkÔ  Ôó ó …Ý ƒ!ÝÑ#€d#ÑÔ€ÔÔ€ ÔÝ  ÝÒ € ÒÒ „ ÒÔ€ ôÔÓ  Óà àòòÚ  ÚÚ  ÚóóWhether€an€incipient€estate€tax€lien€renders€title€to€property€unmarketable€where€the€lien€isÏto€be€discharged€by€the€sale€proceeds€is€an€interesting€question,€but€one€we€will€not€address€now.ÌPtPtHHÚ(ÿáÿâùFG(üHHÚ(d'@Styl{WP}01•ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà Ãà Ãà Ãà Ãà ÃÃÃÃÃÃÃÃÃÃÃÐ ÐÐHHÐÐ  ÐÐ2ÐÐÿÿ¸æ$ÿÐÐHHÐÐÐÐÐÐÐÐ  ÐÐ ÐÐ ÐÑÑÑGenevaÑÑ ÑÑ € ÑÑ<Px–ÈÑÒÒÒ443!#4ÒÒ$ *$ÒÒ$*$ÒÒ ÿKK ÒÒ  Geneva ÒÒ  Geneva ÒÓ.,ÓÓÓÓ6ÓÓ ÓßßßßßßßßßßßßßßßßßßÑMonacoÑÑ ÑÒ  BA: T Monaco ÒÒ  BA: T Monaco Ò d))))'ÿÿdxd("ÿÿ$££Ò  ÒÒ  Ò€-‚ƒCþÿ<< CÿÿƒLevel 1Level 2Level 3Level 4Level 5($$””ò òÚ  Ú1Ú  Úó ó„„'÷ÿ dxdüÿP PdÝ ƒ!ÝÔ . ÔÔ€ÔÓ&€X„d&ÓÑ#€Xd#ÑÔ€ ÔÝ  ÝÒ € ÒÒ „ ÒÑ  ÑÑ\R AØ'\ÑÑ€ÑÑ7€‡ºXXdædÈ7ÑÑ  ÑÑ  ÑFIRST€AMERICAN€TRUST€COMPANY,à à)ÌExecutor€of€the€Estate€ofà àà àà à)ÌFrances€A.€Oman,€Deceased,à àà à)Ìà àà àà àà àà àà à)à àAppeal€No.Ìà àPlaintiff/Appellee,à àà àà à)à à01„A„01„9507„CH„00324Ìà àà àà àà àà àà à)à àÌVS.à àà àà àà àà àà à)à àWilliamson€ChanceryÌÙ€€ÙßL€#$";+'h| Õ` ç `€€Lßà àà àà àà àà àà à)à àNo.€22922ÌFRANKLIN„MURRAY€DEVELOPMENTà à)ÌCOMPANY,€L.P.,à àà àà àà à)Ìà àà àà àà àà àà à)Ìà àDefendant/Appellant.à àà à)ÌÌÌà@ àCOURT€OF€APPEALS€OFÏTENNESSEEÌà@ àMIDDLE€SECTION€AT€NASHVILLEÌÌÌAPPEALED€FROM€THE€CHANCERY€COURT€OF€WILLIAMSON€COUNTYÌAT€FRANKLIN,€TENNESSEEÌÌTHE€HONORABLE€HENRY€DENMARK€BELL,€JUDGEÌÌÌCHARLES€A.€TROSTÌJOSEPH€A.€WOODRUFFÌ511€Union€Street,€Suite€2100ÌNashville,€Tennessee€37219„1760ÌÌTHOMAS€V.€WHITEÌ315€Deaderick€Street,€21st€FloorÌNashville,€Tennessee€37238Ìà àAttorneys€for€Plaintiff/AppelleeÌÌJOHN€A.€DAYÌDONALD€CAPPARELLAÌ150€Fourth€Avenue€NorthÌNashville,€Tennessee€37219ÌÌGUY€C.€NICHOLSONÌ2049€Century€Park€East,€Suite€755ÌLos€Angeles,€CA€90067Ìà àAttorneys€for€Defendant/AppellantÌÌÌÌà@ àAFFIRMED€AND€REMANDEDÌÌÌà àà àà àà àà àà àà àBEN€H.€CANTRELL,€JUDGEÌÌCONCUR:ÌTODD,€P.J.,€M.S.ÌLEWIS,€J.ÌÌÌÌÌÌÓ  ÓÓÓà@ àò òòòÔ€ „ÔO€P€I€N€I€O€Nó óóóÔ€ XÔÌÌà àà àThe€Chancery€Court€of€Williamson€County€awarded€the€earnestÏmoney€in€a€real€estate€transaction€to€the€seller,€finding€that€the€purchaser€hadÏbreached€the€contract.€€On€appeal€the€purchaser€contends€that€the€seller€failed€toÏdeliver€a€marketable€title€and€that€there€are€factual€disputes€that€preclude€grantingÏsummary€judgment€to€the€seller.€€We€affirm€the€trial€courtððs€decision.ÌÌà@ àò òI.ó óÌÌà àà àFirst€American€Trust€Company€(FATC)€is€the€duly€appointedÏexecutor€under€the€will€of€Frances€A.€Oman,€who€died€on€May€29,€1992.€€Ms.ÍOman€died€owning€several€large€tracts€of€valuable€real€property,€some€of€whichÏhad€to€be€sold€to€pay€estate€taxes.€€ÌÌà àà àOn€April€14,€1994€Franklin„Murray€Development,€L.P.€(FMD)€enteredÏinto€an€agreement€to€purchase€a€224€acre€tract€in€Brentwood€for€$1,000,000Ïdown€and€a€$4,750,000€note€secured€by€a€deed€of€trust.€€The€agreement€calledÏfor€the€payment€of€earnest€money€to€an€escrow€agent€and€a€closing€date€withinÏsixty€days.€FATC€was€obligated€to€furnish€good€and€marketable€title€to€theÏproperty.€€If€certain€contingencies€had€not€been€met€by€the€original€closing€dateÏthe€closing€could€be€extended€up€to€sixty€additional€days.€€Otherwise,€time€wasÏmade€of€the€essence€with€respect€to€each€partyððs€obligations.ÌÌà àà àThe€transaction€did€not€close€within€the€time€provided€in€theÏagreement.€Although€the€parties€negotiated€a€modification€of€the€amount€of€theÏdown€payment,€they€remained€at€odds€over€FATCððs€proposal€to€satisfy€the€estateÏtax€lien.€€€On€October€3,€1994€FATC€filed€an€action€in€the€Chancery€Court€ofÏWilliamson€County€seeking€a€declaration€that€it€was€entitled€to€the€earnest€moneyÏbecause€FMD€had€breached€the€agreement€by€failing€to€close.€€On€November€9,Ï1994€FMD€filed€an€answer€and€counterclaim€seeking€damages€from€FATC€forÏbreaching€the€contract€by€failing€to€furnish€good€and€marketable€title.€€FMD€alsoÏrecorded€a€lis€pendens€lien€to€secure€the€payment€of€its€anticipated€judgment.ÌÌà àà àFATC€moved€to€have€the€court€remove€the€lis€pendens€lien€becauseÏFMD€was€seeking€only€damages€and€was€not€asserting€an€interest€in€theÏproperty.€€After€a€hearing,€the€chancellor€declined€to€remove€the€lien€and€recitedÏin€a€December€14,€1994€order€that€ð ðcounsel€for€both€sides€asserted€during€oralÏargument€that€they€were€still€willing€to€close€the€contract€if€the€other€side€wasÏready€to€perform€all€its€obligations.ððÌÌà àà àOn€January€19,€1995€FATC€moved€the€court€for€an€order€of€specificÏperformance.€€The€motion€asserted€that€FATC€was€ready€and€willing€to€transferÏunrestricted€and€unencumbered€title€to€FMD.€€In€support€of€the€motion€FATC€filedÏdocuments€showing€that€the€IRS€and€the€Tennessee€Department€of€Revenue€hadÏagreed€to€waive€their€tax€liens€because€FATC€had€provided€security€for€theÏpayment€of€any€tax€due.€€The€security€provided€for€the€IRS€was€a€$4,000,000Ïsurety€bond€and€a€promise€to€pay€the€IRS€the€entire€$1,000,000€down€payment.€ÏAfter€giving€FMD€additional€time€to€respond€to€FATCððs€motion,€the€court€enteredÏan€order€on€March€6,€1995€granting€specific€performance€to€FATC€and€orderingÏthat€the€sale€be€closed€on€March€28,€1995.€€€The€court€further€ordered€that€if€FMDÏcould€not€close€on€the€date€specified€it€must€release€its€lis€pendens€lien.ÌÌà àà àFMD€did€not€close€on€the€appointed€date.€€FATC€then€filed€a€motionÏfor€summary€judgment€on€the€merits€of€the€case€and€the€court€entered€a€finalÍjudgment€dismissing€FMDððs€counterclaim€and€awarding€the€earnest€money€toÏFATC.ÌÌà@ àò òII.ó óÌÌà àà àBoiled€down€to€its€fundamentals,€this€case€turns€on€the€answer€toÏtwo€questions:€(1)€Did€the€chancery€court€commit€reversible€error€in€its€MarchÏ1995€order€ordering€the€parties€to€perform€the€contract?€€and€(2)€Was€FATCÏentitled€to€summary€judgment€holding€that€FMD€breached€the€contract?€€We€thinkÏthe€uncontradicted€facts€show€that€the€court€properly€decided€both€issues.ÌÌà àà àFMD€defended€the€original€action€and€based€its€counterclaim€on€theÏfact€that€the€tax€lien€rendered€the€title€unmarketable.€€Whether€FMD€could€haveÏprevailed€on€that€theory€has€now€passed€into€history€and€we€take€no€position€withÏrespect€to€that€question.× ƒ% ××  ×€€€When€FMD€represented€to€the€court€that€it€was€stillÏready€and€willing€to€close€the€transaction€if€FATC€could€fulfill€all€its€obligations,€itÏwaived€any€prior€objections€based€on€the€failure€to€furnish€marketable€title€in€aÏtimely€fashion.€€Waiver€is€the€voluntary€surrender€of€a€known€right.€€òòFelts€v.ÏTennessee€Consolidated€Retirement€Systemóó,€650€S.W.2d€371€(1983).€€AlthoughÏFMD€now€quibbles€with€the€chancellorððs€ð ðfindingðð€that€FMD€took€a€position€in€favorÍof€closing€the€transaction,€the€chancellorððs€order€reciting€that€fact€wentÏunchallenged€until€FATC€took€the€steps€necessary€to€remove€€the€tax€lien.€€TheÏuncontradicted€facts€show€that€FMD€waived€any€right€it€had€to€rely€on€the€ð ðtime€isÏof€the€essenceðð€provision€in€the€contract.ÌÌà àà àWhen€time€is€no€longer€of€the€essence€the€parties€have€aÏreasonable€time€in€which€to€close.€€òòMiller€v.€Reshaóó,€820€S.W.2d€357€(Tenn.€1991).€ÏFATC€moved€for€an€order€of€specific€performance€within€thirty„six€days€of€theÏDecember€14,€1994€order.€€With€the€agreement€of€the€IRS€and€the€TennesseeÏDepartment€of€Revenue€to€waive€their€claims€for€taxes,€FMDððs€only€objection€toÏclosing€had€been€resolved.€€Therefore,€the€chancellor€was€justified€in€orderingÏperformance€in€accordance€with€the€partiesðð€earlier€representations€that€they€wereÏwilling€to€perform.ÌÌà@ àò òIII.ó óÌÌà àà àIt€is€important€to€note€that€ultimately€the€chancellor€did€not€orderÏspecific€performance.€€The€final€disposition€of€the€case€came€when€FATC€movedÏfor€summary€judgment€on€the€merits€of€its€contention€that€FMD€breached€theÏcontract.€€So,€in€actuality€the€March€6,€1995€order€merely€set€a€date€certain€for€theÏclosure.ÌÌà àà àWhen€that€date€passed€and€FMD€was€unable€or€unwilling€to€close,ÏFATC€moved€for€summary€judgment.€€We€think€the€uncontroverted€facts€show€thatÏFMD€breached€the€contract.€€As€we€have€pointed€out,€the€only€defense€raised€toÏFATCððs€action€was€the€fact€that€the€tax€lien€clouded€the€title€to€the€property.€€FATCÏwas€prepared€to€deliver€title€on€March€28,€1995€free€and€clear€of€all€tax€liens.€ÏThus,€FATC€was€entitled€to€summary€judgment€on€the€breach€of€contract€issue.ÌÌà@ àò òIV.ó óÌÌà àà àFMD€argues€that€the€order€of€March€6,€1995€was€in€the€alternative;Ïthat€it€gave€FMD€the€option€of€closing€or€releasing€its€lis€pendens€lien.€€Even€ifÏFMD€is€correct€on€that€point€there€is€nothing€in€the€papers€supporting€the€motionÏindicating€that€FATC€had€elected€to€accept€a€release€of€the€lien€in€lieu€of€all€otherÏremedies.€€Similarly,€there€is€nothing€in€the€courtððs€order€restricting€FATCððsÏremedies€to€a€release€of€the€lien.€€The€courtððs€order€of€March€6,€1995€specificallyÏreserved€ð ðall€other€mattersðð€after€ordering€a€closing€on€March€28,€1995€or€aÏrelease€of€the€lien.ÌÌà àà àThe€judgment€of€the€lower€court€is€affirmed€and€the€cause€isÏremanded€to€the€Chancery€Court€of€Williamson€County€for€any€furtherÏproceedings€necessary.€€Tax€the€costs€on€appeal€to€the€appellant.ÌÌÓÓÌÌà àà àà àà àà àà à_______________________________Ìà àà àà àà àà àà àBEN€H.€CANTRELL,€JUDGEÌà àà àà àà àà àà àÌÌÌÌÌCONCUR:ÌÌÌÌÌ_______________________________ÌHENRY€F.€TODD,€PRESIDING€JUDGEÌMIDDLE€SECTIONÌÌÌÌÌ_______________________________ÌSAMUEL€L.€LEWIS,€JUDGEÌÌÇÑ  ÑÑ ° Ñ