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GREENWICH CAPITAL FINANCIAL PRODUCTS, INC. v. NEGRIN

2946, 600462/08.

74 A.D.3d 413 (2010)

903 N.Y.S.2d 346

GREENWICH CAPITAL FINANCIAL PRODUCTS, INC., Appellant, v. METIN NEGRIN, Respondent.

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

Decided June 1, 2010.

Plaintiff entered into a loan agreement with Lexin Celebration III LLC (Lexin), pursuant to which Lexin borrowed funds for a condominium conversion project in Florida. The loan was nonrecourse as to Lexin, except with respect to particular acts and occurrences defined in section 10.1 as "Borrower's Recourse Liabilities," such as failure to pay real estate taxes, and "Springing Recourse Events," such as bankruptcy. The loan agreement also required Lexin to make certain payments...

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