In 1972, Maple Leaf Construction Corporation (hereinafter the mortgagor) was the owner of certain unimproved real property located in the Town of Ramapo, Rockland County. Pursuant to a lease agreement with STB Investors Ltd. (hereinafter STB), the mortgagor agreed to construct a 120-bed nursing home on the property which STB was to operate. The lease term was for 20 years with an option to renew...
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