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CHIMART ASSOCS. v. PAUL

109 A.D.2d 655 (1985)

Chimart Associates, Appellant, v. David L. Paul, Respondent

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

March 19, 1985

Plaintiff is a general partnership organized for the purpose of investing, as a limited partner, in 666 Associates, a Chicago real estate venture. In order to induce plaintiff to make the investment, plaintiff and defendant entered into a letter agreement which, so far as here pertinent, contained the following provisions:

"In order to induce you to purchase the Interest, and subject to your assignment to me of your right to receive certain cash distributions from...

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