RHINEBECK ASSOCS. v. MARINE MIDLAND BANK


235 A.D.2d 308 (1997)

653 N.Y.S.2d 110

Rhinebeck Associates, L.P., Appellant, v. Marine Midland Bank, Respondent

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

January 23, 1997


Satisfaction of plaintiff's warranty under article II (para [13]) of the subject building loan agreement that it would "not require and will not avail itself of any additional extension of credit" beyond the stipulated $9.8 million loan cap, was a condition precedent to defendant's obligation to advance funds under article I, and failure to abide by all warranties and representations constituted a "default event" under article IV. Furthermore, under article VII (para [5]...

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