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RAMA REALTY ASSOCIATES LLC v. NAUTILUS CAPITAL, LLC

4292. 654365/15.

151 A.D.3d 546 (2017)

2017 NY Slip Op 04885

54 N.Y.S.3d 274

RAMA REALTY ASSOCIATES LLC et al., Appellants, v. NAUTILUS CAPITAL, LLC, Respondent, et al., Defendant.

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

Decided June 15, 2017.

The default interest provision at issue is not so vague as to be unenforceable. It clearly reflects that the parties intended to cap interest at the highest rate allowable under New York's usury laws (see Emery v Fishmarket Inn of Granite Springs, 173 A.D.2d 765, 767 [2d Dept 1991]). The court also properly determined that the loan matured on March 31, 2014, since plaintiffs failed to comply with conditions required for a proposed...

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