On November 30, 1982, plaintiff Fairmont Associates purchased real property known as Fairmont Estates, composed of 74 garden apartment units located in the City of Kingston from defendant Fairmont Estates, a New Jersey limited partnership of which codefendant James A. Geller is the sole general partner. At the time of sale, Fairmont Estates took back a purchase-money first mortgage in the sum of $1,000,000, payable over a 12-month period at varying rates of interest. The...
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