TENTH CITY ASSOCS. v. PRINCIPAL MUT. LIFE INS. CO.


215 A.D.2d 149 (1995)

626 N.Y.S.2d 108

Tenth City Associates, Respondent, v. Principal Mutual Life Insurance Company, Appellant

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

May 4, 1995


By its own terms, plaintiff's mortgage application dated October 9, 1986, which was drafted by it and accordingly must be construed against it, clearly establishes that plaintiff agreed to and was obligated to pay defendant a "Non-Refundable Loan Processing Fee" of $125,000 representing 1/4 of 1% of the $50 million mortgage sought. There is simply no evidence that payment of such fee was contingent in any way upon the parties agreeing on the terms of the proposed mortgage...

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