As the Mixed Court on Monday, a German named Fritz Pasche was defendant in an action brought against him by the Block Commercial Ca. for refusing to hand over title deeds relating to the sala of the Point Hotel by him to the plaintiff company.
Mr. F. J. Schuhl appeared for plaintiff company and Mr. L. K. Kentwell was present on behalf of Pasche.
It was alleged by plaintiffs that they had paid to the Belgian Fathers Tls. 5,795 to fund a second mortgage on the property in the sum of Tls. 24,205, which was due to bear interest at the rate of 7 per cent. per annum. A mortgage had been prepared in favour of defendant, who now refused to hand over the deeds, as agreed between the parties.
In answer the defendant stated through his counsel that he had had no business dealings with plaintiff, but that the mortgage was transferred to Mrs. Lena Block. At no time.did he agree to sell the hotel to plaintiff.
Mr. Solomon, secretary to the Block Commercial Ca., said that the firm had desired to install a cold storage plant in the building, and the failure of defendant to comply with the terms of the agreement had resulted in considerable loss to them.
Cross-examined by Mr. L. K. Kentwell, witness said he did not know what was the amount of the paid up capital of the company, adding that it might be $100,000. Counsel for plaintiff objected ta this question as being irrelevant, but Mr. Kentwell insisted that Tt was not, and asked witness whether, when plaintiffs decided to purchase the property they were in a position to pay cash. Witness said they did not have to do so.
"Mr. O. Jenienivum, a_ broker commissioned by the "Block Commercial Company, stated that the transaction took place last month. Witness went to Pasche's residence and asked him if he was willing to sell the Point Hotel. He was anxious to sell the property, and the following day interviewed Mr. Block and Mr. Solomon. Witness was present at that time. Defendant asked for $35,000, which Mr. Block considered too high a purchase price. Finally defendant came down to $30,000. In the afternoon the conditions of sale were settled. Defendant distinctly said: "I am willing to take $30,000 for the hotel," and added: "I myself will tell you frankly that there is a mortgage on the property." Tls. 3,000 was the amount of the mortgage, which before a sale could be effected would have to be paid. Mr. Block said he was not in the market to buy mortgages but real property. It was then agreed that Mr. Block would take over the mortgage and it was to be regarded as a first payment. Arrangements were then made to discuss the matter with the Belgian Fathers.
Text read from the printed page and cleaned; old type leaves the occasional error.