BFP 245 PARK CO., LLC v. GMAC COMMERCIAL MORTGAGE CORPORATION


12 A.D.3d 330 (2004)

BFP 245 PARK CO., LLC, Appellant, v. GMAC COMMERCIAL MORTGAGE CORPORATION et al., Respondents.

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

November 30, 2004.


In February 2001, plaintiff obtained a mortgage for a commercial building near Grand Central Terminal, in connection with a $500 million loan on a building estimated to be worth a substantially greater amount. Under the mortgage agreement, plaintiff was obligated to obtain and maintain insurance for the property against "any peril now or hereafter included within the classification `All Risk' or `Special Perils,' in each case . . . in an amount equal to [100%] of the `Full...

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