Fearless Farris Wholesale v. William E‪.‬

and an additional $8,400 to apply to the principal due on the land purchase contract which encumbered the construction site. However, the Howells did not execute a promissory note, for repayment of the first loan, as required by the first loan agreement. The Howells also failed to execute a deed, conveying title to the construction site, and an assignment of the land purchase contract, under which they had purchased the site, in favor of Fearless Farris. These documents were to provide Fearless Farris with security for both of the loans it made to the Howells, and were to be returned when the loans were repaid.