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FOGEL v. S.S.R. REALTY ASSOC.

190 N.J. Super. 47 (1983)

461 A.2d 1190

PERRY FOGEL, PLAINTIFF-APPELLANT, v. S.S.R. REALTY ASSOCIATES AND BOARDWALK REGENCY CORP., DEFENDANTS-RESPONDENTS.

Superior Court of New Jersey, Appellate Division.

Decided June 7, 1983.

Attorney(s) appearing for the Case

Hankin, D'Amato & Sandson, attorneys for appellant (Stephen Hankin and Mark H. Sandson, on the brief).

Platine & Feldman, attorneys for respondent S.S.R. Realty Associates (Ralph W. Platine, on the brief).

Anschelewitz, Barr, Ansell & Bonello, attorneys for respondent Boardwalk Regency Corporation (John L. Bonello, on the brief).

Jamieson, McCardell, Moore, Peskin & Spicer, attorneys for amici curiae New Jersey Bankers Association and Savings Banks' Association of New Jersey (Thomas C. Jamieson, Jr., of counsel, and Douglas G. Sanborn, on the brief).

Before Judges BOTTER, POLOW and BRODY.

The opinion of the court was delivered by POLOW, J.A.D.

On this appeal we must determine the enforceability of a conditional "due-on-sale" provision in a real estate mortgage. The bond and mortgage contain provisions permitting the mortgagor to transfer the property with prior approval of the mortgagee which "shall not be arbitrarily or unreasonably withheld." The mortgagee refused to consent to the sale of the property without an additional agreement for an increase...

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