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Secondary Access Over Adjoining Property Denied

By Mike Berey on September 25, 2018

The Plaintiff alleged that New York City’s Buildings Department required that Plaintiff’s building’s fire escapes lead to a secondary means of egress which, according to the architectural plans filed to obtain a certificate of occupancy, was afforded by access to the rear yard of the Defendant’s adjoining property. After the Defendant...

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Oral Contract To Extend Mortgage Not Enforceable

By Mike Berey on September 12, 2018

The notes secured by two mortgages, and a note secured by other collateral, afforded the borrower, Plaintiff Mosdot Shuva Israel (“MSI”), the opportunity between November 17, 2013 and January 31, 2014 to extend the maturity date for each note from their original maturity date of March 17, 2014 for five years. MSI alleged that in early 2013 it...

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Topics: oral contract

Mezzanine Loan Held Not To Clog Equity Of Redemption

By Mike Berey on September 5, 2018
 

A loan for real estate projects in Kansas City and Cincinnati was secured by a mortgage on the land being developed and by the pledge of the membership interests in the borrower. The lenders commenced a UCC foreclosure sale of the membership interests.

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Topics: mezzanine loan, equity of redemption

UCC-1 May Be Void If Trustee Of Trust Owning Cooperative Unit Applied Loan Proceeds For Non-Trust Debts

By Mike Berey on August 30, 2018

Plaintiff, the sole trustee of a trust which owned a cooperative unit, commenced an Action for a declaration that a Uniform Commercial Code Financing Statement filed against the unit as security for a loan to the Plaintiff, personally and in his capacity as trustee, was void and for a preliminary injunction enjoining the Defendant from...

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Topics: UCC

Purchaser Held Not Entitled To Rely On Judgment Amount As Docketed

By Mike Berey on August 23, 2018

In 2009, Defendant Paul Tauber (“Tauber”) obtained a judgment for $217,245 including interest of $16,050 and an amount for costs and disbursements. The judgment was mistakenly docketed by the Kings County Clerk in the amount of $16,050. The Plaintiff, which took title to the property in 2016 subject to the judgment, sought a judgment declaring...

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Parol Evidence To Be Applied To Determine Description Of Mortgaged Property

By Mike Berey on August 9, 2018

 

The note and the mortgage being foreclosed by JPMorgan Chase Bank, National Association (“Chase”) referred only to tax lot 48, but the metes and bounds description attached to the mortgage encompassed tax lots 48 and 49. A mortgage later executed to Defendant E.R. Holdings, LLC (“Holdings”) was recorded as a second lien against tax lot 48...

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Topics: parol evidence

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