On April 19, 1990, defendant Gramercy Twins Associates executed a non-recourse consolidated note evidencing indebtedness of $1.7 million to plaintiff Massachusetts Mutual Life Insurance Company, secured by a consolidated first mortgage on premises located at 33-39 East 21st Street in Manhattan, as well as a $500,000 letter of credit. Due to adverse economic conditions, including a declaration of bankruptcy by a major tenant, the property failed to generate sufficient income...
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