Contractual Obligations Are 'Payable' at Maturity Regardless of Available Funds, Triggering Put-Right Remedy

In The Mark at Weatherford Owner v. German, Division 8 granted summary judgment holding that acquisition fees contractually due at closing were legally "payable" even when insufficient funds existed to satisfy them, and that defendants' failure to remit those fees constituted a material default triggering plaintiff's put-right provision in a $4.7 million seller-financed real estate transaction. The court rejected defendants' argument that lack of liquidity excused performance, holding that "[a] contractual obligation does not evaporate simply because the obligor lacks liquidity."