In December 1987, defendant Jamel Realty Corporation (hereinafter Jamel) purchased land in the Town of Greenport, Columbia County, with the intention of building an apartment complex there. The project was to be built in phases and was named the "Meadowbrook Project". Thereafter, in July 1988 and November 1988, Jamel executed two mortgages securing loans from plaintiff which financed phase I of the...
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