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HOME SAV BANK v. BAER PROPS

92 A.D.2d 98 (1983)

Home Savings Bank of Upstate New York, Appellant, v. Baer Properties, Ltd., et al., Respondents

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

March 3, 1983

Attorney(s) appearing for the Case

Herzog, Nichols, Engstrom & Koplovitz (Stephen F. Bailly of counsel), for appellant.

Jerome K. Frost for Baer Properties, Ltd., and another, respondents.

Wager, Taylor, Howd, Brearton & Kessler (John P. Taylor of counsel), for Clayton Johnson, respondent.

MAHONEY, P. J., SWEENEY, WEISS and LEVINE, JJ., concur.

CASEY, J.

On August 10, 1977, defendant Baer Properties, Ltd. (hereinafter Ltd.) through its president, Kenneth J. Baer, executed a bond (which he personally guaranteed) and a mortgage in the amount of $37,000 at 9½% interest for plaintiff Home Savings Bank of Upstate New York. The mortgage covered premises at 355-363 Broadway, Troy, New York, and contained a due-on-sale clause which provided: "That in the...

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