On June 16, 1970, defendant Beaton Builders, Inc. (Beaton), a housing developer, leased for a proposed development 61 acres of land in the Town of Esopus, Ulster County, from defendant Esopus Airport, Inc. (Airport), and thereafter, on November 7, 1973, plaintiff James Talcott, Inc., loaned Beaton $350,000 secured by a mortgage on all 61 acres. Prior to this loan, the Airport and Beaton had contracted, on September 23, 1973 in an agreement which was not recorded, that the...
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