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MATTER OF 52ND ST. DESIGNEE CORP. v. COLTON

72 A.D.2d 683 (1979)

In the Matter of 52nd Street Designee Corporation, Appellant, v. Bradford Colton et al., Respondents

Appellate Division of the Supreme Court of the State of New York, First Department.

November 1, 1979

This was a petition pursuant to section 1921 of the RPAPL seeking an order canceling and discharging a third mortgage following the payment and discharge of a first mortgage and the tender of payment to respondents of principal and interest on a second mortgage and interest on the third mortgage. The dispositive issue involves the interpretation of the following language in a certain third mortgage executed on April 1, 1970: "The obligee agrees to reduce the bond of the obligor...

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