No. 2 W.D. Appeal Docket, 1982, Appeal from the Order of the Superior Court of Pennsylvania at No. 837 April Term, 1979 affirming the Order of August 23, 1979 of the Court of Common Pleas of the Tenth Judicial District, Civil Action, Equity, at No. 11080 of 1977.
Charles C. Mason, Jr., Lawrence E. Moore, Jr., Lightcap, McDonald, Moore & Mason, Latrobe, for appellants.
Edgar P. Herrington, Jr., Stewart, Belden, Sensenich & Herrington, Greensburg, for Com. Land & Title Ins. Co.
Thomas P. Ceraso, Greensburg, for P. M. McArdle Land Development Co., Inc.
Emmett C. Boyle, Jr., Dennis J. Gounley, Boyle & Boyle, Greensburg, for Sentinel Savings Ass'n and Concord Liberty Savings and Loan Ass'n.
O'Brien, C.j., and Roberts, Nix, Larsen, Flaherty, McDermott and Hutchinson, JJ.
This is an appeal from an order of the Superior Court*fn1 which affirmed an order of the Court of Common Pleas of
the Tenth Judicial District sustaining dissolution of a preliminary injunction and dismissing a complaint in equity.
The appellants, Lawrence J. Fierst and his wife, Betty G. Fierst, (hereinafter "Fiersts") conveyed certain real estate to appellee P. M. McArdle Land Development Co. (hereinafter "McArdle") on February 27, 1976. On that same date, McArdle gave back to Fiersts a mortgage on the property in the amount of $330,000, which mortgage was duly recorded. The mortgage provided that it shall be "subordinate to the lien of any mortgage at any time whatsoever given by Mortgagor to any banking or lending institution for the purpose of the development or further development of the property. . ." (Emphasis added). Also on February 27, 1976, as a means of conferring authority to perform the provided-for mortgage subordinations, Fiersts executed and delivered to appellee Commonwealth Land Title Insurance Co. (hereinafter "Commonwealth") an irrevocable power of attorney, deemed coupled with an interest, and duly recorded, granting Commonwealth power as follows:
to execute, acknowledge, deliver and record any and all documents necessary to postpone and subordinate that certain Mortgage dated February 27, 1976 from P. M. McARDLE LAND DEVELOPMENT CO., INC. to the Undersigned in the amount of $330,000.00 covering lands located in Unity Township, Westmoreland County, Pennsylvania, and recorded February 27, 1976 in the Office of the Recorder of Deeds of Westmoreland County, Pennsylvania, to the lien of ...