In December 2004, plaintiff Allianz Life Insurance Co. issued promissory notes to Northland Investment Co. to finance the purchase of four apartment complexes in Austin.
Allianz sued Northland, claiming breach of contract. The plaintiff claimed the defendants violated terms of the loan agreements and related documents, which required certain defendants to maintain a set net worth, to provide up-to-date financial statements, maintain the subject properties and to follow certain financial procedures. The plaintiff claimed that the defendant also failed to properly renew insurance polices and had diverted funds meant for repayment of the notes to other purposes.
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