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LINSKER v. SAVINGS OF AMERICA

April 4, 1989

LEONARD B. LINSKER
v.
SAVINGS OF AMERICA



The opinion of the court was delivered by: MCGLYNN, JR.

 JOSEPH L. MCGLYNN, JR., UNITED STATES DISTRICT JUDGE.

 Before the court is defendant's motion for partial summary judgment. For the reasons stated below, defendant's motion will be granted.

 I. FACTS

 Plaintiff, Leonard B. Linsker, Esquire, is a sophisticated investor who is knowledgeable in the area of real estate and mortgage law. On or about July 8, 1987, he signed an Agreement of Sale to purchase an apartment complex known as Academy Manor ("the property"). Soon thereafter, in an effort to secure financing, plaintiff contacted defendant Savings of America and was referred to Greg Langer, Vice President, Multiple Loan, who was to be the exclusive agent for the processing and disposition of his loan application.

 Following an initial inspection of the property, Langer issued a loan application on behalf of defendant. That application specifically stated, inter alia:

 
To avoid any misunderstanding concerning this application, you are advised that the policy of Savings of America is not to enter into any oral agreements or make or rely on any oral representations concerning its loans, including statements or representations that may have been expressed in our negotiations. Further, neither borrower nor Lender are relying on any oral agreement, statement, representation or any understanding of fact or law that is not expressed in writing.
 
* * * *
 
Borrower agrees that neither Association's receipt of this application, nor the processing of said loan by the Association, shall impose any obligations whatever upon Association to make said loan and that no obligation on the part of Association with respect to said loan shall arise until recordation of the Deed of Trust/Mortgage.
 
* * * *
 
The acceptance of this preliminary application by the Association does not constitute any commitment or representation or other agreement on the part of the Association to make any loan and the applicant further agrees that the loan amount, interest rate, loan term or fees, as requested in this preliminary application for real estate loan, are subject to final loan approval.

 [Emphasis added.] Plaintiff subsequently returned the completed loan application and posted a Good Faith Deposit of $ 4,000. He understood that he would pay all costs associated with the processing his application.

 Plaintiff alleges that on September 14, 15 or 16, 1987, defendant orally informed him that his application was approved. Langer acknowledged the settlement date of October 6, 1987 and told plaintiff, "I will send you a checklist." Langer thereafter mailed to plaintiff a letter ("September 16 letter") comprised of a handwritten note and form memorandum. The note read:

 
Savings of America
 
To Len Linsker Date ...

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