Plaintiff-appellant is the successor in interest to the Ninth Federal Savings & Loan Association (Ninth Federal) which, in 1971, made a loan of $750,000 secured by a mortgage on premises known as 14-20 East Burnside Avenue in The Bronx. The mortgaged premises, consisting of two parcels, were insured by the New York Property Insurance Underwriting Association (NYPIUA) and Ninth Federal was named as loss payee under the policy. In May of 1973, the mortgage was modified...
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