Paragraph 43 of the parties' wraparound mortgage plainly provides that it is to be "deemed satisfied" if respondent (i.e., the mortgagee-sponsor) fails to make "any payment" on the underlying mortgage and such "default" is not cured within the "applicable grace period". The "applicable grace period" having been left undefined the main issue concerns its duration. We reject respondent's contention that the grace period was intended to extend until the commencement of foreclosure...
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