Henry borrows $500k from Calvin and gives Calvin a mortgage on Henry’s property, Blackacre, which is valued at $600k. T
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Get it written →Henry borrows $500k from Calvin and gives Calvin a mortgage on Henry’s property, Blackacre, which is valued at $600k. Thereafter, a local municipality partially condemns Blackacre, reducing its FMV to $500k.
Does Calvin have a cause of action against Henry after condemnation? Explain fully.
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