Plaintiff-appellant, who holds a second "wraparound" mortgage on premises at 38 Lexington Avenue in New York County, seeks to foreclose as the result of a late payment. The mortgage contains an acceleration clause whereby the mortgagee may choose, without notice, to declare the entire mortgage, both principal and interest, due upon default in the payment of principal or interest after the grace period. At issue is Paragraph No. 21 of the mortgage which states that: "In the...
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