METLIFE v. WASHINGTON AVE. ASSOC.


732 A.2d 493 (1999)

159 N.J. 484

METLIFE CAPITAL FINANCIAL CORPORATION, Plaintiff-Appellant, v. WASHINGTON AVENUE ASSOCIATES L.P. and Lawrence S. Berger, Defendants-Respondents, and United States of America, Defendant.

Supreme Court of New Jersey.

Decided June 30, 1999.


Attorney(s) appearing for the Case

Laurence B. Orloff, Mendham, for plaintiff-appellant (Orloff, Lowenbach, Stifelman & Siegel and Herrick, Feinstein attorneys; Mr. Orloff, Samuel Feldman, Roseland, Stephen M. Rathkopf and Scott T. Tross, New York City, on the briefs).

Lawrence S. Berger for defendants-respondents (Berger & Bornstein, attorneys; Paul H. Schafhauser, Morristown, on the brief).

Jonathan D. Forstot, New York City, submitted a brief on behalf of amici curiae Mortgage Bankers Association of America and Commercial Real Estate Secondary Market and Securitization Association (Thacher Proffitt & Wood, attorneys; Mr. Forstot and Jonathan Rogin, of counsel and on the brief).

Clark E. Alpert, West Orange, submitted a brief on behalf of amici curiae Mortgage Bankers Association of New Jersey and League of Mortgage Lenders (Alpert & Levy, attorneys; Mr. Alpert and E. Robert Levy, of counsel; Mr. Alpert, David N. Butler and Lawrence C. Weiner, on the brief).

Michael M. Horn, Newark, submitted a brief on behalf of amici curiae The New Jersey League Community & Savings Bankers, The New Jersey Bankers Association, The Prudential Insurance Company of America, First Union National Bank, John Hancock Mutual Life Insurance Company, Massachusetts Mutual Life Insurance Company, State Farm Life Insurance Company, State Farm Mutual Automobile Insurance Company, All American Life Insurance Company, American General Life Insurance Company, American General Life and Accident Insurance Company, The Franklin Life Insurance Company, The Old Line Life Insurance Company of America, The United States Life Insurance Company in the City of New York and The Variable Annuity Life Insurance Company (McCarter & English and Jamieson, Moore, Peskin & Spicer, attorneys for New Jersey Bankers Association, attorneys; Mr. Horn, Lois M. Van Deusen and Dennis R. Casale, Princeton, of counsel; Steven A. Beckelman, Clement J. Farley, Newark, and James M. Sullivan, on the brief).

Lisa J. Rodriguez submitted a brief on behalf of amici curiae National Association of Consumer Advocates, AARP, Public Citizen, Inc., National Consumer Law Center, Consumer Federation of America, Consumer Action and The Consumers League of New Jersey (Trujillo, Rodriquez & Richards, attorneys).

Gregory G. Diebold, Jersey City, submitted a brief on behalf of amici curiae Legal Services of New Jersey and Hudson County Legal Services Corp. (Melville D. Miller, Jr., President, Legal Services of New Jersey and Timothy K. Madden, Director, Hudson County Legal Services, attorneys; Mr. Diebold, Lawrence Sindoni, Mr. Miller and Joseph Harris David, on the brief).


The opinion of the Court was delivered by GARIBALDI, J.

This appeal involves a $1.5 million dollar loan made by MetLife Capital Corporation, predecessor in interest to plaintiff MetLife Capital Financial Corporation ("MetLife"), to defendant Washington Avenue Associates, L.P. ("Washington Avenue") The loan was secured by a Mortgage and Security Agreement on a commercial property in Belleville, New Jersey. Numerous payments on the loan were delinquent, and Washington...

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