Ordered that the order is reversed, on the law and as a matter of discretion, with costs, the motion is granted, and so much of the judgment dated August 1, 2002, as is in favor of the plaintiff and against the defendant Conrad Joachim in the principal sum of $500,000 is vacated.
CPLR 5015 (a) (1) permits a court to vacate a judgment entered on default when the defendant demonstrates a reasonable excuse for the default, and the existence of a meritorious defense ...
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