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SHULTIS v. WOODSTOCK LAND DEV

188 A.D.2d 234 (1993)

Lester R. Shultis et al., Respondents, v. Woodstock Land Development Associates et al., Defendants, and G & G Mortgage Investors, Appellant

Appellate Division of the Supreme Court of the State of New York, Third Department.

March 11, 1993

Attorney(s) appearing for the Case

Richard I. Cantor, Poughkeepsie, for appellant.

Meiselman, Farber, Packman & Eberz, P. C., Poughkeepsie (Laurence J. Lebowitz and Myra I. Packman of counsel), for respondents.

WEISS, P. J., LEVINE, CASEY and HARVEY, JJ., concur.

MAHONEY, J.

In December 1987, plaintiffs conveyed a 500-acre tract of land located in Ulster County to defendant Woodstock Land Development Associates for the sum of $1,000,000. Woodstock met the purchase price by paying plaintiffs $500,000 in cash and executing a $500,000 balloon payment note in their favor. The note provided for quarterly payments of interest at 9% and two principal payments of $250,000 each...

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