Prometheus Real Estate Group, Inc. v. Marazzo
Respondent Ronald Joseph Marazzo (Marazzo) owned a commercial property in Mountain View, California which he sought to develop into a multi-unit apartment complex with appellant Prometheus Real Estate Group, Inc. (Prometheus). To that end, the parties entered into an agreement under which Marazzo agreed to transfer the property to a jointly owned limited liability company once certain conditions were met, and Prometheus agreed to develop the property and to secure entitlements and financing for the project. As part of its due diligence on the property, Prometheus obtained a title report which revealed that the property was subject to a reciprocal parking easement in favor of an adjoining property. Prometheus negotiated an agreement extinguishing the easement with the adjoining property owner, but Marazzo refused to sign, and the due diligence period specified in the agreement expired. Prometheus brought suit for breach of contract, alleging that Marazzo had breached the implied cov
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