On August 11, 1976, defendant purchased from plaintiff for a nominal sum, two parcels of real property situated in the Village of Philmont, New York. The conveyance was made by two separate deeds which included a factory building located on the premises in a dilapidated condition in need of repair. As a condition of the purchase, defendant agreed to expend certain sums over a period of two and one-half years from the date of the purchase for improvements and repairs to the...
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