Law360 (February 14, 2020, 1:31 PM EST) -- A commercial lender has filed suit in Texas federal court seeking $100,000 in damages from CBD oil maker Appogee Kazmira LLC for allegedly breaching a $10 million loan contract by securing financing from another lender during their exclusivity period.
Dallas County, Texas-based North Avenue Capital LLC says in its Thursday complaint that Kazmira owes the lender a so-called breakup fee of 1% of the loan for breaching an exclusivity agreement it says was more lenient than its typical agreements.
North Avenue says Kazmira negotiated a breakup fee of 1% instead of the lender's usual 2%, adding that it also reduced its...
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