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RESIDENTIAL HOLDINGS III LLC v. ARCHSTONE-SMITH OPERATING TRUST

2098, 600095/08.

83 A.D.3d 462 (2011)

920 N.Y.S.2d 349

RESIDENTIAL HOLDINGS III LLC, Respondents-Appellants, v. ARCHSTONE-SMITH OPERATING TRUST et al., Appellants-Respondents. (And a Third-Party Action.)

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

Decided April 12, 2011.

In late March 2007, plaintiffs, as purchasers, and defendants, as sellers, entered into 11 distinct but related agreements for the sale of multifamily properties for a total purchase price of more than $1.2 billion. Although the relevant contractual language can be read more narrowly, the parties agree that each agreement provides that a default under it constitutes a default under each of the other agreements. The planned closings...

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