A company based in the Park City area has sued Talisker Mountain Developments, Inc., for more than $772,481.
In 2002, Talisker purchased ownership interest in Capital Growth Partners, LLC, from Summit Development Partners, LLC, states a seven-page complaint filed against Talisker Mountain Developments Jan. 12.
With that transaction Talisker promised to pay Summit Development $475,000 plus interest for property in the Park City area, according to the lawsuit filed by Summit Development Partners, LLC.
The deal required Talisker to pay the entire unpaid principal balance once $55 million was received from the sale of single-family lots on the property, the lawsuit states.
The $55 million threshold was reached in November 2009, according to the complaint.
“As a result, an event of default occurred when Talisker failed to make payment in full under the [promissory note] by [Nov. 30,]” the lawsuit states.
The outstanding balance due in November was more than $772,481, according to the complaint.
Talisker has not made a payment since Summit Development began demanding money from the firm in November, the lawsuit states.
Summit Development has sued Talisker for breach of the promissory note and unjust enrichment.
“By failing to repay [Summit Development] pursuant to the terms set forth in the [promissory note,] Talisker has unjustly benefited at the expense of [Summit Development,]” the lawsuit states.
According to a Talisker spokeswoman, the dispute has been resolved.
“The claim has been resolved, and we do not anticipate further proceedings,” spokeswoman Lisa Roskelley said in a prepared statement Tuesday.