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SYMPHONY SPACE v. PERGOLA

214 A.D.2d 66 (1995)

631 N.Y.S.2d 136

Symphony Space, Inc., Respondent, v. Pergola Properties, Inc., et al., Appellants

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

August 31, 1995

Attorney(s) appearing for the Case

Charles G. Moerdler of counsel (Burton N. Lipshie, Kenneth Pasquale and Karen Leo on the brief; Stroock & Stroock & Lavan, and Jaroslawicz & Jaros, attorneys), for Pergola Properties, Inc. and another, appellants.

Nathan M. Ferst for Casandium Limited and another, appellants.

Jean M. McCarroll of counsel (Carter, Ledyard & Milburn, attorneys), for respondent.

ASCH and RUBIN, JJ., concur with ELLERIN, J.; KUPFERMAN, J., dissents in a separate opinion.

ELLERIN, J. P.

The issue before us in this declaratory judgment action is whether an agreement granting defendants an option to purchase certain real property owned by plaintiff should be declared void as in violation of the Rule against Perpetuities and as clogging plaintiff's equity of redemption in its mortgage.

In 1978, representatives of plaintiff, The...

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