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IN RE CHIPIN CLIVEDEN ASSOCIATES, INC.

Bankruptcy No. 81-02292G, Adv. No. 82-1294G.

36 B.R. 760 (1984)

In re CHIPIN CLIVEDEN ASSOCIATES, INC. CW Properties, Inc., and Ansaldo Associates, Inc. as Co-Partners, t/a Cliveden Development Associates (A Partnership), Debtor. WILLIAM PENN SAVINGS AND LOAN ASSOCIATION, Plaintiff, v. CHIPIN CLIVEDEN ASSOCIATES, INC. CW Properties, Inc. and Ansaldo Associates, Inc., as Co-Partners t/a Cliveden Development Associates (A Partnership) and The Fidelity Bank and Silvi Concrete Products, Inc., and Glenn Noret and Jack Cardonick & Sidney Feinstein and Redi Concrete Company, Inc. and Charles Anastasi, Joseph Anastasi, Herbert Fogel, and Waterman Electronic Tube Company, as Co-Partners, Trading as Commercial Investor Associates (a Partnership), Intervenors/Defendants.

United States Bankruptcy Court, E.D. Pennsylvania.

January 23, 1984.

Attorney(s) appearing for the Case

Gilbert J. Golding, Curtin & Heefner, Morrisville, Pa., for plaintiff, William Penn Savings and Loan Ass'n.

Robert Kargen, James M. Matour, White & Williams, Philadelphia, Pa., for debtor/defendant, Chipin Cliveden Associates, Inc. CW Properties, Inc. and Ansaldo Associates, Inc. as Co-Partners, t/a Cliveden Development Associates (a partnership).

John F. Horstmann, III, Duane, Morris & Heckscher, Philadelphia, Pa., for defendant, The Fidelity Bank.

W. Paul Veit, Schneider, Nixon & John, Hatboro, Pa., for defendant, Glen Noret.

Lawrence R. Lesser, Lesser & Kaplan, Blue Bell, Pa., for intervenors/defendants, Charles Anastasi, Joseph Anastasi, Herbert Fogel and Waterman Electronic Tube Co. as co-partners trading as Commercial Investor Associates.

OPINION

EMIL F. GOLDHABER, Bankruptcy Judge:

The issue in the case at bench is the construction to be given a provision in a loan contract between a debtor and a first mortgagee of the debtor's realty which grants a partial release of the mortgage in a subdivision of realty when each constituent lot is sold. This contract must be resolved in light of a subsequent agreement among a second mortgagee, the first mortgagee and the debtor, whereby the second mortgagee...

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