FORTY-FOUR HUNDRED E. BROADWAY v. 4400 E. BRDWY.

No. 2 CA-CIV 4768.

139 Ariz. 498 (1983)

679 P.2d 521

FORTY-FOUR HUNDRED EAST BROADWAY COMPANY, a California Limited Partnership, Joseph Anzalone and Lavonne Anzalone, Keyne Monson and Geraldine Monson, Stephen Landreth and Anne Landreth, James Powell and Hazelanna Powell, Joseph Kohen and Margo Kohen, and Paul Weiss and Elizabeth Weiss, Appellants/Cross-Appellees, v. 4400 EAST BROADWAY, a California Limited Partnership, and John Paye and Anne Paye, Appellees/Cross-Appellants.

Court of Appeals of Arizona, Division 2.

November 29, 1983.


Attorney(s) appearing for the Case

Rose & Kornhauser by Samuel Kornhauser, San Francisco, Cal. and Meyers, Greger & Pohlman, Phoenix, for appellants/cross-appellees.

Waterfall, Economidis, Caldwell & Hanshaw, P.C. by Robert L. Villamana and Steven M. Cox, Tucson, for appellees/cross-appellants.


OPINION

HOWARD, Chief Judge.

This is an appeal and cross-appeal from a summary judgment. Appellants, the Anzalone Partnership, owned an office building in Tucson, located at 4400 East Broadway. The New York Life Insurance Company (NYL) held a mortgage on the building. In November 1976 the Anzalone Partnership was in default in its payments in the approximate sum of $200,000 because the building was producing a negative cash flow and NYL accelerated the balance...

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