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405 WEST 57TH ST. OWNERS CORP. v. CORONET PROPS. CO.

207 A.D.2d 694 (1994)

616 N.Y.S.2d 585

405 West 57th Street Owners Corp., Respondent, v. Coronet Properties Company, Appellant, et al., Defendants 885 W.E. Residents Corp., Respondent, v. Coronet Properties Company, Appellant, et al., Defendants

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

September 15, 1994

The wrap-around mortgages at issue, which were executed in connection with the sales of different premises as part of various cooperative conversions, contain identical clauses, inserted at the direction of the Attorney-General's Office, pursuant to duly promulgated regulations, which provide that in the event of the mortgagee's default in payment on the underlying mortgages, the wrap-around mortgages shall be deemed satisfied. Under these circumstances, defendant cannot...

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