JADE REALTY LLC v. CITIGROUP COMMERCIAL MORTGAGE TRUST 2005-EMG

3959, 60379/07.

83 A.D.3d 567 (2011)

922 N.Y.S.2d 37

JADE REALTY LLC, Appellant, v. CITIGROUP COMMERCIAL MORTGAGE TRUST 2005-EMG et al., Respondents, et al., Defendant.

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

Decided April 26, 2011.


In 2003, plaintiff and defendants' predecessor in interest Emigrant Securities Corp. negotiated a refinancing of an outstanding commercial loan. The note provided that, during its 10-year term, plaintiff would pay, as a condition of prepaying the loan prior to maturity, a "Yield Maintenance" amount which varied as the loan matured. During the first six years, this amount would be calculated "by taking the positive difference (if any) between the Note Rate . . . minus...

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