This action is to foreclose the collateral security mortgage on the individual residence of defendant Victor J. Cerasaro. Plaintiff bank loaned Cerasaro and his business partner, Kenneth Cohn, $225,000 to finance the building of a restaurant. They signed a note for that amount dated July 30, 1979 bearing interest at 11% which was payable in seven years. At the same time Cerasaro executed a $70,000 second mortgage, the subject of this foreclosure, on his home to secure the...
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