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CSFB PRINCETON v. SB RENTAL

Docket No. A-6307-07T2

980 A.2d 1 (2009)

410 N.J. Super. 114

CSFB 2001-CP-4 PRINCETON PARK CORPORATE CENTER, LLC, a New Jersey Limited Liability Company, Plaintiff-Respondent, v. SB RENTAL I, LLC, a New Jersey Limited Liability Company, Estate of Philip S. Seltzer, Eric H. Seltzer, and Estate of David J. Seltzer, his heirs, devisees and personal representatives, and their or any of their successors in right, title and interest, and L.G. Financial Consultants, Inc., Defendants-Appellants.

Superior Court of New Jersey, Appellate Division.

Decided August 11, 2009.

Attorney(s) appearing for the Case

Jeffrey S. Beenstock, Voorhees, argued the cause for appellants (Ballard, Spahr, Andrews & Ingersoll, LLP, attorneys; Mr. Beenstock and Joseph T. Ciampoli, on the briefs).

Jaimee Katz Sussner, Newark, argued the cause for respondent (Herrick, Feinstein LLP, attorneys; Scott T. Tross and Ms. Sussner, of counsel; Ms. Sussner, on the brief).

Before Judges STERN, CARCHMAN and PARRILLO.

The opinion of the court was delivered by

PARRILLO, J.A.D.

At issue is whether a non-recourse carve-out clause in a mortgage note, providing that borrowers are personally liable to lender for damages resulting from violation of a particular loan obligation, is a liquidated damages provision, and if so, whether it constitutes an unenforceable penalty. Defendant SB Rental I, LLC (SB Rental) and its principals (collectively, defendants) appeal from a summary...

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