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EAST HILL, INC. v. NEW YORK STATE TEACHERS' RET. SYS.

80 A.D.2d 670 (1981)

East Hill, Inc., Appellant, v. New York State Teachers' Retirement System, Respondent

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

February 5, 1981

The parties entered into a written agreement for defendant to loan plaintiff up to $4,125,000 to finance development of certain property located in Southfield, Michigan, in return for a first lien leasehold mortgage on said premises. The sum of $3,025,000 was disbursed to plaintiff in the initial phase of financing. In the second phase, $1,100,000 was to be disbursed when plaintiff reached certain totals of rent and occupancy. Problems...

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